Calcutta, May 3: Investigators probing the Saradha default have decided to question representatives of market-regulating agencies to ascertain how Sudipta Sen’s group continued collecting money from lakhs across Bengal.

Even though Saradha did not have clearance from regulating agencies, Saradha had mobilised money through collective investment schemes (CIS), police have found.

Such schemes, experts said, are regulated by Sebi and any entity raising funds through them requires the approval of the capital markets watchdog.

“We would like to know the role played by some of these agencies while tracking the trail of the money the Saradha Group collected from investors,” said a senior officer of the probe team.

“Let’s not get into names. But those who were supposed to keep a watch on such activities would be questioned for sure,” he added.

The decision to grill market-regulating agencies came a day after chief minister Mamata Banerjee questioned the role of such agencies at her first public rally since the Saradha default.

Mamata had wondered aloud why Sebi and the Reserve Bank of India (RBI), which oversee the functioning of deposit-mobilising companies, did not inform her government earlier.

“The Centre cannot deny its responsibility.… Sebi and the RBI are central agencies. Why didn’t they take any action?” Mamata had asked while addressing the rally at Shyambazar yesterday.

“RBI amader janay na ato illegal chit funds aachhe (RBI doesn’t inform us that so many chit funds are operating).”

Soon after Saradha boss Sen and two of his associates were arrested in Kashmir last month for their alleged role in the default crisis, Sebi barred Saradha Realty India and its managing director (Sen) from the securities market till it wounded up its collective investment schemes and refunded investors.

Sebi, the RBI and the Union ministry of corporate affairs are part of the multi-agency team that the Centre has constituted to probe companies allegedly cheating investors through fraud deposit-mobilising schemes.

“Since the probe right now is basically about how investors’ money was not returned, we are examining all those who might have been responsible for the crisis,” said an officer, explaining why the role of the market regulators needed to be investigated.

“We have already interrogated some who acted as power brokers and some who appear to have played a crucial role in siphoning off investors’ money,” he added.