SAT asks Sebi to re-examine investor's complaint against Osian's Art Fund
an order passed by the Madras High Court on April 16, 2012 saying that the regulator does not have power to review its own orders.
However SAT noted that the High Court has categorically stated that its order "shall not bar the petitioner to challenge the order passed by Sebi, if so permissible in law, by filing an appeal or taking other remedies to address the grievance ".
Later in the evening, Osian's Art Fund said it does not fall under the regulatory authority of Sebi. "The Osian's Art Fund position from inception is that it or any other art fund does not qualify as a CIS under the SEBI (Collective Investment Scheme) Regulations, 1999.
"In the Private Placement Memorandum, the Risk Factors and Special Considerations clearly stated and disclosed that we are not regulated by or registered with any regulatory authority, such as SEBI, whether in India or abroad," Osian's Art Fund said in a statement.
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