L ast week, the central corporate affairs department reported that at least 62 dubious chit fund companies are operating in West Bengal and they have amassed close to Rs 15,000 crore. The Securities and Exchange Board of India (SEBI) has decided to crack down on several West Bengal-based agro and chit funds with linkages to media businesses. W ith concerns being expressed about these companies raising money from the public and then using their media businesses as dedicated platforms to advertise their products, the board has asked its regional office in Kolkata to send details so that suitable action can be taken. T he Financial Stability and Development Council, the apex coordinating mechanism among financial sector regulators, is backing SEBI on this. The council is headed by the finance minister. A top source in SEBI confirmed that there were concerns about these Bengal-based non-banking financial companies. The money they raise from the public slips between equities and...