It took the market regulator almost six years to finally take a call on Osian's. Moneylife has been spearheading the campaign for refund of investors’ money

Moneylife Digital Team

Market regulator Securities and Exchange Board of India (SEBI) has finally asked Osian’s-Connoisseurs of Art Pvt Ltd (or Osian's, which managed Osian's Art Fund), to wind up its existing collective investment scheme (CIS) and refund the money collected from investors. SEBI has also referred the case to state government and police for filing a civil/criminal case against Osian's and its promoters, directors and persons in-charge of its CIS. In addition, SEBI also requested the ministry of corporate affairs (MCA) to initiate proceedings to wind up the Art Fund. The change of mind by SEBI about Osian's is quite an interesting story, which was only covered by Moneylife. But more about it later.

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