PRESS RELEASE - SEBI

June 16, 2016
PR No. 114/2016


Order in the matter of Religare Arts Investment Management Limited

Shri Prashant Saran, Whole Time Member, SEBI, has passed an order on June 15th, 2016 under Section 19 of the Securities and Exchange Board of India Act, 1992 read with Sections 11 and 11B in the matter of Religare Arts Investment Management Limited.
 
The order directed Religare Arts Investment Management Limited and Religare Arts Initiative Limited not to collect any money from the investors or launch or carry out any Collective Investment Schemes including the scheme which have been identified as a Collective Investment Scheme in the said Order. Additionally, the order directed Religare Arts Investment Management Limited and Religare Arts Initiative Limited to refund the monies collected under its scheme with returns which are due to its investors as per the terms of the offer, within a period of three months from the date of the said Order and thereafter, within a period of fifteen days, submit a compliance report to SEBI in accordance with the SEBI (Collective Investment Schemes) Regulations, 1999, including the trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds.

Mumbai
June 16, 2016

 


For full copy of order against RELIGARE ARTS INVESTMENT MANAGEMENT LTD., click here.