Under the Sebi Act, the regulator has the power to carry out search and seizure of books, registers, documents including electronics and digital devices from any person associated with the securities market. 'Wild West' Oleksandra Matviichuk, a Kyiv-based lawyer and head of the Center for Civil Liberties, called Durov’s position "very weak," and urged concrete improvements. However, the perpetrators of such frauds are now adopting new methods and technologies to defraud the investors. Sebi said data, emails and other documents are being retrieved from the seized devices and detailed investigation is in progress.
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