Securities And Exchange Board Of India vs Gaurav Varshney And Anr

The Supreme Court addressed whether Gaurav Varshney and Vinod Kumar Varshney violated Section 12(1B) of the Securities and Exchange Board of India Act, 1992 by operating a collective investment scheme without the required registration. The Court held that the incorporation of M/s. Gaurav Agrigenetics Ltd. and its immediate commencement of a collective investment scheme constituted a violation of the statutory requirement. Consequently, the Court upheld the enforcement of regulatory compliance under the SEBI Act, emphasizing the importance of investor protection.