sebi:WTM/SR/CIS/19/08/2013
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Facts / Headnote
Interim directions issued restraining MPSPL and its Directors from collecting further money, launching new schemes, disposing of properties, or diverting funds; order treated as show cause notice
Provisions invoked
- s. 11A
- s. 12
- s. 11
- s. 209
Regulations
- Reg. 65
- Reg. 3
Parties
- MPSPL
- Mrs. Varsha Madhusudan Satpalkar
- Mr. Janardan Arvind Parulekar
Holding
The 'Scheme towards Booking or Purchase of Plot of Land' offered by MPSPL satisfies all conditions of a 'collective investment scheme' under Section 11AA of the SEBI Act, and MPSPL carried on such scheme without obtaining registration as required under Section 12(1B) of the SEBI Act and the CIS Regulations. Interim directions were issued restraining MPSPL and its Directors from further fund mobilization.
Full text
Page 2 of 18 g. Details of the scheme-wise amount mobilized till date alongwith the no. of investors under the schemes or offers made available to the public; h. Certified copies of audited financial statements for the FY 2009–10, 2010–11 and 2011–12 alongwith annexures, if any; i. Copies of Income Tax Return filed for the last 3 years; j. Details of regulatory approvals obtained, if any, for provision of accidental death/disability benefits to investors under the schemes or offers made available to the public; k. Details of other similar scheme(s), if any, floated by MPSPL or its group or associate company.
Page 3 of 18 Company to its customers from time to time. … We request you to allow us 10 days’ time to submit the remaining information required by your letter dated April 3, 2013”, had submitted the following documents, viz. –
Page 4 of 18 8.1 The material available on record i.e. correspondences exchanged between SEBI and MPSPL alongwith the documents contained therein; the complaints dated February 13, 2013 and May 14, 2103 alongwith the documents contained therein and the MCA’s letter dated August 2, 2013, have been perused. In this context, the issue for determination in the instant matter is whether the mobilization of funds by MPSPL is a ‘collective investment scheme’ in accordance with Section 11AA of the SEBI Act, 1992 (hereinafter referred to as "SEBI Act").
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Source: SecMarx — sebi:WTM/SR/CIS/19/08/2013. 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.