https://www.taxtmi.com/caselaws?id=388596 The Tribunal upheld the penalty of Rs. 25 Lakh imposed by SEBI on a company and its directors for operating a Collective Investment Scheme (CIS) without registration, despite ongoing refund efforts. The appellants' argument of joint management was rejected, with the Tribunal emphasizing the violation of SEBI Act and CIS Regulations due to pooling of funds and management control. The penalty was deemed reasonable, and the appellants were directed to pay within 30 days, as the appeal was dismissed. 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 The Tribunal upheld the penalty of Rs. 25 Lakh imposed by SEBI on a company and its directors for operating a Collective Investment Scheme (CIS) without registration, despite ongoing refund efforts. The appellants' argument of joint management was rejected, with the Tribunal emphasizing the violation of SEBI Act and CIS Regulations due to pooling of funds and management control. The penalty was deemed reasonable, and the appellants were directed to pay within 30 days, as the appeal was dismissed. Case-Laws SEBI Thu, 01 Aug 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=388596