February 2016

Unregistered CIS allowed to Register

The Securities Appellate Tribunal, in the matter of Citrus Check Inns Limited v. SEBI, recently considered the validity of SEBI’s order finding Citrus to be running an unregistered Collective Investment Scheme. Citrus is in the holiday timeshare business and its schemes are largely similar to those of other unregulated timeshare companies. SAT observed that Citrus…

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