The warning comes amid a continuing crackdown by Sebi against various unlisted companies that have lured retail investors by issuing securities such as non-convertible debentures/non-convertible preference shares in the garb of private placement.
Between January 2013 and March 15 this year, Sebi has taken action against 233 firms for issuance of non-convertible as well as convertible preference shares preference shares, non-convertible debentures (NCDs) to public without complying with the regulations. So far in 2016, Sebi has passed orders against 37 firms in such cases.

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