The Supreme Court-appointed special investigation team (SIT) on Friday suggested bringing in effective norms to curb betting in cricket and stringent norms on P-Notes, among others, to check the black money menace.

 The special investigation team (SIT) also recommended bringing donations to educational and religious bodies under the tax net. It also said Sebi should come up with regulations on collecting beneficial ownership details of P-note holders, besides to monitor any unusual rise in stock prices.
 In its third report, the panel headed by Justice M B Shah expressed concern over “involvement” of huge illegal and unaccounted money in cricket betting, especially the Indian Premier League (IPL), and made a case for effective legislative steps to deal with the menace.
 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.
The SIT also suggested that the market regulator should find out beneficial ownership of Participatory Notes (PN), an instrument used by foreign investors to invest in India.