Collective Investment Scheme floated by a private trust is illegal: SC

Osians Connoisseurs of Art Pvt. Ltd. Vs SEBI (Supreme Court of India) BRIEF FACTS: 1. Two trusts named Yatra Art Fund Trust (Fund I) and Yatra Art Fund II (Fund II) were created under the Indian Trusts Act, 1882, through execution of Indentures of Trust dated 15.06.2005 and 01.12.2006. 2. A perusal of the trust deed shows that both these trust Funds were created for an initial period of 4-4 years, the first Fund ending, after extension of one year, on 15.09.2011. Insofar as the second Trust Fund is concerned, this Trust Fund was also extended and ended on 31.01.2012. It may also be mentioned t...