sebi:WTM/SR/IMD-CIS/06/01/2014
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Facts / Headnote
Interim directions restraining fund mobilization; order treated as show cause notice
Provisions invoked
- s. 11A
- s. 11(4)
- s. 12
- s. 11
Regulations
- Reg. 65
- Reg. 3
Parties
- Shree Sai Spaces Creations Ltd.
- Suresh L Srivastav
- Laxmi S. Shrivastav
- Ritesh K Shrivastav
- Vivek Kumar Suresh Srivastav
- Rajkumar Laxman Konde
Holding
Shree Sai Spaces Creations Ltd. is prima facie engaged in fund mobilizing activity from the public in the nature of a 'collective investment scheme' as defined in Section 11AA of the SEBI Act, without obtaining a certificate of registration from SEBI as required under Section 12(1B) of the SEBI Act and the CIS Regulations. The company and its directors are directed not to collect money from investors or launch new schemes, and the order is treated as a show cause notice.
Full text
Page 2 of 13 (d) Application forms that are required to be submitted by the investors/applicants to participate in the schemes and brochures of the schemes; (e) Sample copies of the registration letter and allotment letter issued to investors who subscribed to the Schemes; (f) Sample copies of agreement letter/contract required to be entered into by investors/applicants under the schemes; (g) Details of the scheme wise amount mobilized till date along with the number of investors under schemes; (h) Details of other similar schemes floated by the group/associates, if any (i) Details of the scheme-wise amount paid/redeemed; (j) Copy of audited financial statements, copies of income tax returns during last three financial years; (k) List of investors along with the address and contact numbers of the investors; (l) Details of regulatory approvals, if any.
Page 3 of 13 iii. Sample copies of registration letter and allotment letter for its scheme issued to investor/applicant; iv. Details of scheme -wise and year -wise amount mobilized; v. Details of scheme -wise and year -wise amount refunded; vi. Certified copies of audited financial statement for the last three years; vii. Copy of income tax return filed by the company for the last three financial years; viii. List of all investors along with the address and contact nos; ix. Details of any other or similar schemes floated by the group or associate companies; x. Details of regulatory approval /registration, if any.
Page 4 of 13 mobilization of funds by Shree Sai Spaces 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/IMD-CIS/06/01/2014. 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.