sebi:WTM/AB/IMD/CIS/11999/2021-22
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Facts / Headnote
Directed Osian to refund balance amount to remaining investors with 10% per annum interest within six/nine months, with restraint on alienation and recovery on default
Provisions invoked
- s. 11A
- s. 24
- s. 19
- s. 12
- s. 28A
Regulations
- Reg. 65
- Reg. 3
- Reg. 4(2)
- Reg. 4(2)(s)
Parties
- Osian’s- Connoisseurs of Art Private Limited
Holding
Osian shall refund the balance of monies collected under its unregistered collective investment scheme to remaining investors with 10% per annum interest, completing principal refund within six months and interest within nine months.
Full text
Final Order in the matter of Osian’s- Connoisseurs of Art Private Limited Page 1 of 15 WTM/AB/IMD/CIS/11999/2021-22 SECURITIES AND EXCHANGE BOARD OF INDIA
Final Order in the matter of Osian’s- Connoisseurs of Art Private Limited Page 2 of 15 (i) Upon examining certain media reports and newspaper articles regarding the mobilization of funds from investors under the scheme of 'art fund', it was observed that one Osian had solicited investments in the 'art fund', and thus, SEBI started its examination of the matter.
Final Order in the matter of Osian’s- Connoisseurs of Art Private Limited Page 3 of 15 and submit a winding up and repayment report to SEBI in accordance with the CIS regulations failing which the following actions shall follow:
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Source: SecMarx — sebi:WTM/AB/IMD/CIS/11999/2021-22. 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.