SEBI asks Osian to close Art Fund

The Stock market regulator Securities & Exchange Board of India (SEBI) has directed Osian's -Connoisseurs of Art Pvt Ltd, an art fund to wind up its existing 'collective investment scheme' (CIS). Osian had raised Rs 102.40 crore from 656 investors. Osian has also been directed to refund the money to its investors within three months and submit a winding up report. Osian also has to pay the higher of profits earned according to its offer terms or 10 per cent interest a year. The payout would be calculated from the date of investment till the date of refund, said SEBI. Failure to do so would lead to initiation of prosecution proceedings.