https://www.taxtmi.com/caselaws?id=267782 The Tribunal upheld that the Art Fund sponsored by the appellant constituted a Collective Investment Scheme (CIS) under the SEBI Act and that SEBI had jurisdiction to regulate it. The appellant was found to have violated the SEBI Act and CIS Regulations by operating the Art Fund without obtaining registration. While SEBI's directive to wind up the CIS was upheld, the directive to refund the monies with interest was set aside, with SEBI directed to reconsider after hearing both parties. The appeal was partly allowed, with no order as to costs. en-us Tue, 13 Oct 2015 00:00:00 +0530 Sat, 14 Nov 2015 12:16:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=267782 The Tribunal upheld that the Art Fund sponsored by the appellant constituted a Collective Investment Scheme (CIS) under the SEBI Act and that SEBI had jurisdiction to regulate it. The appellant was found to have violated the SEBI Act and CIS Regulations by operating the Art Fund without obtaining registration. While SEBI's directive to wind up the CIS was upheld, the directive to refund the monies with interest was set aside, with SEBI directed to reconsider after hearing both parties. The appeal was partly allowed, with no order as to costs. Case-Laws Companies Law Tue, 13 Oct 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=267782