Sebi imposes Rs 27.50 lakh fine on Shree Sai Spaces, directors
Markets regulator Sebi today imposed a penalty of Rs 27.50 lakh on Shree Sai Spaces Creations and its five directors for illegally launching a collective investment scheme (CIS). Shree Sai Spaces Creations Ltd (SSSCL) collected Rs 3.95 crore from 3,080 investors for the proposed development of a solar energy project. In an order, Sebi said SSSCL’s scheme satisfied all the ingredients of being a CIS and to carry on the same required necessary registration from the regulator. “SSSCL and its directors launched a CIS Scheme without obtaining certificate of registration…
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