sebi:CO/485/CIS/02/2003
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Facts / Headnote
Directions issued against M/s Enbee Plantations Ltd. for violations of SEBI Act, 1992 and SEBI (Collective Investment Schemes) Regulations, 1999
Provisions invoked
- s. 11B
- s. 4(3)
- s. 11A
- s. 24
- s. 12
- s. 81
- s. 30
- s. 45
- s. 58A
- s. 620A
Regulations
- Reg. 4
- Reg. 73(1)
- Reg. 71
- Reg. 74
- Reg. 73
- Reg. 65
- Reg. 9
- Reg. 12
- Reg. 8
- Reg. 5
- Reg. 5(1)
- Reg. 68(1)
- Reg. 7
- Reg. 73(8)
- Reg. 2(2)
Parties
- M/s Enbee Plantations Ltd.
Holding
SEBI held that M/s Enbee Plantations Ltd.'s schemes ('Enbee Bonds', 'Enbee Agro Bond', 'Enbee Agro Bonds' under Sevan Super and Sevan Bonanza plans) were collective investment schemes subject to SEBI (CIS) Regulations, 1999, and that the company violated Regulations 73, 74, 5(1) read with 68(1), 68(2) and Section 12(1B) of the SEBI Act by failing to wind up schemes and repay investors within the mandated three-month period from the date of the Information Memorandum.
Full text
CO/485/CIS/02/2003 SECURITIES AND EXCHANGE BOARD OF INDIA DIRECTIONS UNDER SECTION 11B OF THE SEBI ACT, 1992 READ WITH REGULATION 65 OF SEBI (COLLECTIVE INVESTMENT SCHEMES ) REGULATIONS, 1999 AGAINST M/S ENBEE PLANTATIONS LTD.
regulations are made under clause (d) of sub-section (2) of section 30”. 1.3 The SEBI (Collective Investment Schemes) Regulations, 1999 (hereinafter referred to as the 'said Regulations') was notified on October 15, 1999. As per regulation 5 of the said Regulations “any person who immediately prior to the commencement of the Regulations was operating a scheme, shall subject to the provision of chapter IX of the Regulations make an application to the Board for the grant of certificate within a period of 2 months from such date”. Regulation 9 of the said Regulations specifies the conditions/ eligibility to get the certificate of registration in respect of the new schemes.
provisions of the said Regulations and the said Act, on its failure to apply for registration as advised/ informed earlier . SEBI, in the said letter had also advised the ‘company’ inter alia to abide by the provisions of the said Regulations and the said Act.
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Source: SecMarx — sebi:CO/485/CIS/02/2003. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.