Securities and Exchange Board of India, SEBI, has cautioned investors against several unlisted firms trying to fraudulently raise money from public. The warning comes amid a continuing crackdown by SEBI against various unlisted companies that have lured retail investors by issuing securities in the garb of private placement. In a statement issued in Mumbai today, SEBI asked investors not to subscribe to such issues. The market regulator has further advised investors to check whether these entities have filed offer document or application with any Stock Exchange for listing. It also warned companies not to issue securities without complying with the requisite laws failing which it will take stringent action against such companies and their directors.