https://www.taxtmi.com/caselaws?id=194631 The Tribunal found that the Appellants' business constituted a Collective Investment Scheme (CIS) under Section 11AA of the SEBI Act. It held that the Appellants violated Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations by not obtaining a certificate of registration from SEBI. The Tribunal upheld SEBI's order directing the Appellants to refund all money collected from investors and granted them six months to make the payments to approximately thirty thousand investors, with a requirement to submit a report to SEBI on the payments made. The appeal was dismissed with no costs. en-us Tue, 23 Jul 2013 00:00:00 +0530 Sat, 16 Sep 2017 13:03:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=194631 The Tribunal found that the Appellants' business constituted a Collective Investment Scheme (CIS) under Section 11AA of the SEBI Act. It held that the Appellants violated Section 12(1B) of the SEBI Act and Regulation 3 of the CIS Regulations by not obtaining a certificate of registration from SEBI. The Tribunal upheld SEBI's order directing the Appellants to refund all money collected from investors and granted them six months to make the payments to approximately thirty thousand investors, with a requirement to submit a report to SEBI on the payments made. The appeal was dismissed with no costs. Case-Laws Companies Law Tue, 23 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=194631