In 2008, SEBI declared that art funds are collective investment schemes as per its regulations issued in 1999. In 2012, it dismissed a complaint filed by an investor against Osian's Art fund saying that the case does not fall under its purview. What exactly is happening?
Moneylife Digital Team
Collective Investment Schemes (CIS) are rampant across the country but the market regulator Securities and Exchange Board of India (SEBI) which regulates CIS is unable to spot them. But when it does a flip flop over the most celebrated recent case of CIS, on wonders does it really intend to apply the CIS rules seriously. Indeed, the way it has changed its stance over the years regarding regulation of art funds, especially Osian's Art Fund, makes one wonder, whether the market regulator is under some kind of amnesia.