Pancard clubs limited v.SEBI-A Bird’s eye view, by Swatilekha Chakraborty
The article delves into the recent Security Appellate Tribunal (“Tribunal”) judgment[1] which has upheld the Security Exchanges Board of India (“SEBI”)- the (“Respondent”) order classifying the holiday schemes floated by Pancard Clubs Limited (“Appellants”) as a Collective Investment Scheme (“CIS”) and thereby directing the Appellants to inter-alia, refund the sum of money amounting to Rupees […]