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Sebi directs Vayaa Builder and Developers, its directors to refund illegally mobilised funds

New Delhi, Feb 25 () Markets regulator Sebi on Tuesday directed Vayaa Builder and Developers Pvt Ltd and its directors to refund the money it had illegally mobilised by running an unregistered collective investment scheme. The company collected a little over Rs 4 crore from investors through different land and plot allotment scheme under the garb of a real estate business, Sebi noted. The company was carrying on these collective investment schemes (CIS) without obtaining requisite registration from the regulator. The funds along with returns due to the investors need to be refunded within three months and thereafter a winding up and repayment report has to be submitted to the regulator. “The noticees are restrained from accessing the securities market and prohibited from buying, selling or

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