https://www.taxtmi.com/caselaws?id=396391 Pooled investment arrangements managed without investors' day-to-day control fall within the regulatory concept of a collective investment scheme, and such schemes must be operated only in the form and manner prescribed by the securities law regime. The Court held that art fund schemes run through private trusts were collective investment schemes under the SEBI Act and CIS Regulations, and that carrying them on outside the prescribed corporate form was impermissible and illegal. It also maintained the obligation to refund investors' principal and interest, but substituted fixed compliance timelines instead of remanding the matter for further reconsideration. en-us Wed, 12 Feb 2020 00:00:00 +0530 Tue, 27 Oct 2020 17:45:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396391 Pooled investment arrangements managed without investors' day-to-day control fall within the regulatory concept of a collective investment scheme, and such schemes must be operated only in the form and manner prescribed by the securities law regime. The Court held that art fund schemes run through private trusts were collective investment schemes under the SEBI Act and CIS Regulations, and that carrying them on outside the prescribed corporate form was impermissible and illegal. It also maintained the obligation to refund investors' principal and interest, but substituted fixed compliance timelines instead of remanding the matter for further reconsideration. Case-Laws SEBI Wed, 12 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396391