Regulation 65 - Directions by the Board - Securities and Exchange Board of India (Collective Investment Schemes) Regulations, 1999

Directions by the Board 65. The Board may, in the interests of the securities market and the investors and without prejudice to its right to initiate action under this Chapter, including initiation of criminal prosecution under section 24 of the Act, give such directions as it deems fit in order to ensure effective observance of these regulations, including directions: (a) requiring the person concerned not to collect any money from investors or to launch any 1 [collective investment scheme]; (b) prohibiting the person concerned from disposing of any of the properties of the 2 [collective investment scheme] acquired in violation of these regulations; (c) requiring the person concerned to dispose of the assets of the 3 [collective investment scheme] in a manner as may be specified in the directions; (d) requiring the person concerned to refund any money or the assets to the concerned investors along with the requisite interest or otherwise, collected under the 4 [collective investment scheme]; (e) prohibiting the person concerned from operating in the capital market or from accessing the capital market for a specified period. ************** NOTES:- 1 Substituted by the SEBI (Collective Investment Schemes) (Amendment) Regulations, 2014, w.e.f. 9-1-2014. 2 ibid. 3 ibid. 4 ibid.