https://www.taxtmi.com/caselaws?id=194625 The tribunal dismissed the appeals and upheld SEBI's order, directing the appellants to refund the collected funds to investors and wind up the CIS. The holiday schemes were classified as Collective Investment Schemes under Section 11AA of the SEBI Act, and the appellants were found to have violated Section 12(1B) by operating without registration. Regulation 73 did not apply as the schemes were not considered "existing CISs." The tribunal stressed investor protection and fund repayment, affirming SEBI's regulatory jurisdiction over the schemes. en-us Fri, 12 May 2017 00:00:00 +0530 Fri, 15 Sep 2017 21:34:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194625 The tribunal dismissed the appeals and upheld SEBI's order, directing the appellants to refund the collected funds to investors and wind up the CIS. The holiday schemes were classified as Collective Investment Schemes under Section 11AA of the SEBI Act, and the appellants were found to have violated Section 12(1B) by operating without registration. Regulation 73 did not apply as the schemes were not considered "existing CISs." The tribunal stressed investor protection and fund repayment, affirming SEBI's regulatory jurisdiction over the schemes. Case-Laws Companies Law Fri, 12 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194625