Sebi directs Maitreya Services to shut Collective Investment Scheme

Has asked the company to refund, with interest, money raised by company under such schemes within three months

Market regulator Sebi today has passed an order directing Maitreya Services to wind up its existing Collective Investment Schemes (CIS).

The regulator has asked the company to refund, with interest, the money raised by the company under such schemes within three months.

Sebi further directed the company and its directors, namely Janardan Arvind Parulekar and Varsha Madhusudan Satpalkar, not to access the capital market and barred them from from buying, selling or dealing in the securities market till all its collective investment schemes are wound up and all the monies mobilised through them are refunded to the investors.

“Since the company has launched various collective investment schemes without obtaining certificate of registration from SEBI, it has contravened provision of Section 12 (1B) of the SEBI Act and regulation 3 of the SEBI (CIS) Regulations,” the regulator said in a press release.