SEBI BRINGS ART FUNDS UNDER ITS CONTROL.

The stock market regulator, SEBI, has stated that art funds cannot be set up without obtaining a certificate of registration from it. Failing this, the regulator can take civil or criminal action against the funds or companies. According to a SEBI press release, art funds are “collective investment schemes” as defined under Section 11AA (2) of the SEBI Act, 1992. Only a company that has been granted certificate of registration by SEBI can launch or sponsor a collective investment scheme.