Supreme Court of India · 2020-02-12
OSIANS CONNOISSEURS OF ART PVT. LTD. vs SECURITIES AND EXCHANGE BOARD OF INDIA
- Citation / case number
- SC 2015/41491
- Court
- Supreme Court of India
- Petitioner
- OSIANS CONNOISSEURS OF ART PVT. LTD.
- Respondent
- SECURITIES AND EXCHANGE BOARD OF INDIA
- Author
- HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN
- Bench
- HON'BLE MR. JUSTICE ROHINTON FALI NARIMAN, HON'BLE MR. JUSTICE S. RAVINDRA BHAT, HON'BLE MR. JUSTICE V. RAMASUBRAMANIAN
Judgment text excerpt
The Supreme Court addressed the legality of the Yatra Art Fund Trusts under the Securities and Exchange Board of India Act, 1992, specifically Section 12(1B) and the SEBI (Collective Investment Scheme) Regulations, 1999. The Court held that the Trusts constituted collective investment schemes and were required to register with SEBI, thereby affirming the necessity for compliance with regulatory frameworks governing such schemes. The appeal was dismissed, upholding SEBI's directive for the Trusts to refund the amounts collected from investors.