{"id":251572,"date":"2021-07-21T14:00:55","date_gmt":"2021-07-21T08:30:55","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=251572"},"modified":"2021-09-17T16:30:37","modified_gmt":"2021-09-17T11:00:37","slug":"collective-investment-scheme","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/21\/collective-investment-scheme\/","title":{"rendered":"Unregistered Collective Investment Scheme violative of S. 12(1)(b) of SEBI Act and Regulations, order to pay 10% p.a. interest on refundable amount not vitiated: SAT"},"content":{"rendered":"<p style=\"text-align: justify;\"><strong>Securities Appellate Tribunal, Mumbai: <\/strong>Coram of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member), upheld the direction given by SEBI whereby the appellant was required to pay 10% per annum interest from the date the amount was due till the date it was actually refunded.<\/p>\n<p style=\"text-align: justify;\">Instant appeal was filed against the Order passed by the Whole Time Member of SEBI whereby certain directions were issued to refund the amount with interest.<\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #008000;\"><em>Factual Matrix<\/em><\/span><\/p>\n<p style=\"text-align: justify;\">Appellants had launched a scheme\/fund in 2006 known as \u201cThe Osian\u2019s Art Fund Scheme Contemporary-1\u201d by way of subscription from private investors to enable the appellant to make investments in artworks. An amount of Rs 102.40 crores was raised and the scheme was ended in July 2009.<\/p>\n<p style=\"text-align: justify;\">SEBI had concluded that the fund launched by the appellant was nothing but a Collective Investment Scheme. The said scheme was not registered and therefore was violative of Section 12(1)(b) of the SEBI Act read with Regulation 3 of the SEBI (Collective Investment Scheme) Regulations, 1999.<\/p>\n<p style=\"text-align: justify;\">The only contention raised by the learned counsel for the appellant was that the direction to pay interest at the rate of 10% per annum was wholly illegal and against the teeth of the directions given by this Tribunal.<\/p>\n<p style=\"text-align: justify;\">Bench stated that counsel for the appellant&#8217;s contention does not hold any water. WTM in its earlier order had directed payment of interest at the rate of 10% per annum from the due date till the amount was refunded.<\/p>\n<p style=\"text-align: justify;\">In light of the facts and circumstances of the case, Coram stated that it does not find any error in the directions issued by the WTM with regard to the payment of the balance principal amount which was not disputed by the appellant and the payment of interest at the rate of 10% p.a. from the date when it became due till the closure of the scheme which was in consonance with the directions given in the decision of <em>Pravin Gandhi v. SEBI<\/em>, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/8xwn70Sl\">2017 SCC OnLine SAT 89<\/a><\/p>\n<p style=\"text-align: justify;\">Hence, the appeal was dismissed. [Osian\u2019s -Connoisseurs of Art (P) Ltd. v. SEBI, <a href=\"http:\/\/www.scconline.com\/DocumentLink\/HkoG5x5q\"><b>2021 SCC OnLine SAT 249<\/b><\/a>, decided on 9-07-2021]<\/p>\n<hr \/>\n<p style=\"text-align: justify;\"><strong>Advocates before the Tribunal:<\/strong><\/p>\n<p style=\"text-align: justify;\">Mr. Vyapak Desai, Advocate with Ms. Payel Chatterjee, Mr. Mohammad Kamran, Mr. Adimesh Lochan and Ms. Lakshmi Narayan, Advocates for the Appellant.<\/p>\n<p style=\"text-align: justify;\">Mr. Abhiraj Arora, Advocate with Ms. Rashi Dalmia and Mr. Karthik Narayan i\/b. ELP for the Respondent.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Securities Appellate Tribunal, Mumbai: Coram of Justice Tarun Agarwala (Presiding Officer) and Justice M.T. Joshi (Judicial Member), upheld the direction given by <\/p>\n","protected":false},"author":8808,"featured_media":209781,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,11],"tags":[33584,46549,2532],"class_list":["post-251572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-casebriefs","category-tribunals_commissions_regulatorybodies","tag-collective-investment-scheme","tag-law-sat-sebi","tag-Refund"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.4 (Yoast SEO v26.4) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unregistered Collective Investment Scheme violative of S. 12(1)(b) of SEBI Act and Regulations, order to pay 10% p.a. interest on refundable amount not vitiated: SAT | SCC Times<\/title>\n<meta name=\"description\" content=\"Collective Investment 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investors","author":"Bhumika Indulia","date":"September 4, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT): A Division Bench of Justice Tarun Agarwala, (Presiding Officer) and Dr C. K. G. Nair (Member), upheld the order passed by Securities and Exchange Board of India (SEBI) for rejecting the representation filed by the appellants. SEBI passed an order in 2015 holding that \"Kalpbut Real\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":197375,"url":"https:\/\/www.scconline.com\/blog\/post\/2018\/06\/22\/winding-up-of-collective-investment-scheme-ordered-for-contravention-of-section-121b-sebi-act\/","url_meta":{"origin":251572,"position":1},"title":"Winding up of \u2018Collective Investment Scheme\u2019 ordered for contravention of Section 12(1b) SEBI Act","author":"Bhumika Indulia","date":"June 22, 2018","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): The whole time member of SEBI,\u00a0 G.Mahalingam in accordance to the interim order given earlier issued directions under Section 19 of the Securities and Exchange Board of India Act, 1992 and Sections 11(1), 11(B) and 11(4) thereof and regulation 65 of the SEBI\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":217689,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/08\/05\/sat-companies-cannot-run-cis-scheme-without-registering-it-with-sebi\/","url_meta":{"origin":251572,"position":2},"title":"SAT | Companies cannot run CIS Scheme without registering it with SEBI","author":"Bhumika Indulia","date":"August 5, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT):\u00a0Justice Tarun Agarwala (Presiding Officer) and Dr C.K.G. Nair (Member) justified the penalty imposed by SEBI on the appellants under Section 15-J of SEBI Act. The appellants challenged the order of the Adjudicating Officer (AO) of SEBI. 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Joshi (Judicial Member) was hearing two appeals pertaining to the orders passed by Adjudicating Officer (AO) of Securities and Exchange Board of India (SEBI) imposing penalty over appellants. The appeals were filed by Subrata\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":213147,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/04\/02\/sat-appellant-directed-to-pay-simple-interest-on-the-amount-withdrawn-at-relevant-bank-rate-to-sebi\/","url_meta":{"origin":251572,"position":4},"title":"SAT | Appellant directed to pay simple interest on the amount withdrawn at relevant bank rate to SEBI","author":"Bhumika Indulia","date":"April 2, 2019","format":false,"excerpt":"Securities Appellate Tribunal (SAT), Mumbai: The Coram of Tarun Agarwala, J., (Presiding Officer), Dr C.K.G. Nair (Member) and M.T. Joshi, J., (Member) disposed an application filed for the calculation of rate of interest on a certain principal amount with the direction to the appellant to pay an additional sum of\u2026","rel":"","context":"In &quot;Case Briefs&quot;","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2019\/02\/SAT-MUMBAI.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":220140,"url":"https:\/\/www.scconline.com\/blog\/post\/2019\/09\/27\/sebi-directors-liable-along-with-company-to-refund-the-money-of-investors-collected-under-collective-investment-scheme-without-obtaining-a-certificate-of-registration\/","url_meta":{"origin":251572,"position":5},"title":"SEBI | Directors liable along with Company to refund the money of investors collected under &#8216;Collective Investment Scheme&#8217; without obtaining a certificate of registration","author":"Bhumika Indulia","date":"September 27, 2019","format":false,"excerpt":"Securities and Exchange Board of India (SEBI): Ananta Barua, Whole Time Member, issued directions holding the Directors of Zeestar liable for accepting money under the Collective Investment Scheme when they weren\u2019t possessing the registrations for the same. 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