Narayan Shivram Kotnis

SAT-appeal

• SEBI prima facie treated the appellants' business as a Collective Investment Scheme under Section 11AA of the SEBI Act.
  Appellants to file their reply on or before 10 August 2015. · SEBI WTM to hear the appellants by 13 August 2015 and pass and communicate an order by 24 August 2015.
  Appeal: Appeal Nos. 336 of 2015 and 359 of 2015 disposed of together on 6 August 2015, without costs.
• Alleged operation of refundable time-sharing holiday plans as unregistered Collective Investment Scheme under Section 11AA SEBI Act.
  Abstain from collecting money or launching/carrying on CIS including identified schemes · Restrained from accessing securities market and dealing in securities for 4 years
• Allegedly operating unregistered Collective Investment Schemes via refundable time-sharing holiday plans promising refund with additional benefit if holiday not availed.
  Abstain from collecting money or launching/carrying on CIS including identified schemes · Restrained from accessing securities market and dealing in securities for 4 years
  Appeal: Appeal No.436 of 2015 and Appeal No.437 of 2015 against SEBI order dated 21 August 2015; order reserved 21/01/2016, decision 03/02/2016
• Alleged operation of unregistered Collective Investment Scheme by collecting money from members under existing and new schemes.
  Appellants to file reply, if any, on or before August 10, 2015 · WTM of SEBI to hear appellants on or before August 13, 2015 on sustainability of prima facie view
  Appeal: Appeal Nos. 336 of 2015 and 359 of 2015 heard together and disposed of on 06.08.2015 by common order