SEBI halts Remac Realty's collective investment scheme

Has asked the company to immediately submit the full and detailed inventory of the assets

GN Bureau | July 25, 2014



Kolkata-based real estate company Remac Realty India Ltd has been asked to stop its 'collective investment scheme' as per an order of SEBI. An interim order passed by S Raman, whole time member, SEBI has directed the company and its directors Partha Pratim Tewari, Arnab Roy and others not to collect any money from investors from its existing schemes or to launch any new scheme.

A collective investment scheme is an arrangement that enables a number of investors to 'pool' their assets and have these professionally managed by an independent manager. Investments may typically include gilts, bonds and quoted equities, but depending on the type of scheme may go wider.

It is alleged that the company is engaged in fund mobilizing activity from the public by floating, sponsoring or launching 'collective investment scheme' as defined in Section 11AA of the SEBI Act without obtaining a certificate of registration from SEBI.

The SEBI has asked the company to immediately submit the full and detailed inventory of the assets owned by Remac Realty out of the amounts collected from the applicants and investors under its existing schemes and has directed it not to dispose of any of the properties or alienate the assets of the existing schemes.

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