Here’s how investors can identify a Collective Investment Scheme and steer clear of it

Have you heard of Pancard Clubs, Pearl Agrotech or Alchemist Infra Realty? These aren’t names of multi-bagger stocks, but of unlisted companies which have mopped up thousands of crores from retail investors through illegal Collective Investment Schemes. Until March 2017, SEBI had launched cases against 196 such schemes. But after starting out as teak, orchard and plantation schemes, illegal money...