Is approval is mandatory from SEBI or CREDAI etc., before floating Assured Return Scheme to the Public by the Builder?

Hi,
In multiple cases, it is found that RE Investors have got fingers burned in the Assured Returns Schemes of Developers/Builders, and in 100% of the cases, the Original funds invested are lost.

I can tell you why do builders float Assured Return Schemes:- 1) They understand the mindset of the customers, 2) Most of the investors are not sure of their own liability to generate returns, 3) Investors feel that if a builder is guaranteeing returns by PDCs or some legal documents, then it is safe, 4) Builders are not able to raise funds from banks and any other financial institutions in legal ways. That is the reason they offer such cheap tricks.