New Delhi: According to the Special Investigation Team (SIT) on black money, there should be norms to check the menace of betting in cricket.
"Huge amount of black money is used and generated in betting," it said while suggesting ways to check unaccounted wealth.
The SIT on black money also said Sebi should come up with regulations on collection beneficial ownership details of P-note holders, as also for monitoring any unusual rise in stock prices.
The SIT has asked to check on flow of illicit funds into the stock market while Serious Fraud Investigation Office (SFIO) should also be asked to share data on shell companies with Income Tax Department and Enforcement Directorate.
The SIT said that donations to educational, religious bodies must be done through cheques to check black money.
In its third report, the panel flagged the issue of "involvement" of huge illegal and unaccounted money in cricket betting, especially Indian Premier League (IPL) and made a case for effective legislative steps to deal with the menace.
"It is apparent that illegal activity of cricket betting requires to be controlled by some provisions which are deterrent to all the concerned," said the report of SIT headed by Justice MB Shah (retd).
On misuse of capital markets to launder black money, the panel said Sebi should put in place an effective mechanism to monitor any unusual rise in stock prices and inform other agencies like CBDT and Financial Intelligence Unit (FIU) for necessary action.
Sebi recently barred hundreds of entities, including individuals and companies from the securities market for suspected tax evasion and laundering of black money through stock market platforms.
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