Representatives from the finance and corporate affairs ministries, the Reserve Bank of India (RBI) and Securities and Exchange Board of India (Sebi) will be members of the IMG.
The IMG has been set up through the department of financial services, under the finance ministry.
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Setting up of the IMG is the latest in a slew of measures initiated by the government in the wake of the Kolkata-based Saradha group cheating many investors through a fraudulent money pooling scheme.
Sources said many entities had registered themselves as chit funds, but were found to be raising money illegally through fraudulent or ponzi schemes by promising high returns. In many cases, people in the rural areas fall prey to such schemes.
A ponzi scheme collects money from a large number of public investors, with the promise of huge returns, paid from deposits by new investors.
The old investors and agents get hefty commissions for bringing in new ones.
Last month, the government had said entities suspected in running ponzi schemes were being probed by Sebi, RBI and the corporate affairs ministry, among others.
The income tax department has also initiated an investigation into the Saradha group.
The enforcement directorate has also registered a case of suspected money laundering against the Kolkata-based group and others, including its chief, Sudipta Sen.
Media reports in the past few days have highlighted concerns regarding alleged illegal raising of deposits, specially in rural and semi-urban areas in east.
"Promoters of such companies are allegedly siphoning the monies collected and are using a sales network comprising local persons, offered hefty commissions, in a manner similar to ponzi schemes," the finance ministry had said last month.
Collective investment schemes are under the ambit of Sebi, but there are exceptions such as chit funds. Non-banking financial companies are regulated by RBI.
Earlier this month, the Sebi chief, U K Sinha, had said there be a single regulator for collective investment schemes.