https://www.taxtmi.com/caselaws?id=388596 Collective investment scheme classification arises where funds from multiple investors are pooled for a solar project, the scheme is managed on their behalf, and investors lack day-to-day control. Such arrangements require registration under the SEBI framework; operating without registration constitutes a statutory violation. Penalty exposure follows from the unregistered operation of the scheme. Penalty quantum may be assessed against the statutory ceiling and mitigating factors, including recovery status and repayment efforts. The stated principles treat retained managerial control by the company and investors' lack of operational control as central indicators of a collective investment scheme. en-us Thu, 01 Aug 2019 00:00:00 +0530 Tue, 19 Nov 2019 12:20:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=388596 Collective investment scheme classification arises where funds from multiple investors are pooled for a solar project, the scheme is managed on their behalf, and investors lack day-to-day control. Such arrangements require registration under the SEBI framework; operating without registration constitutes a statutory violation. Penalty exposure follows from the unregistered operation of the scheme. Penalty quantum may be assessed against the statutory ceiling and mitigating factors, including recovery status and repayment efforts. The stated principles treat retained managerial control by the company and investors' lack of operational control as central indicators of a collective investment scheme. Case-Laws SEBI Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388596