Penalty imposed upon directors was justified as they made unlawful gain under Collective Investment Scheme

FEMA, BANKING & INSURANCE / SEBI: Where company, its directors and promoters floated Collective Investment Scheme (CIS) which was not registered under SEBI Act and collected an amount of Rs. 2,686 crores and amount so collected was an unlawful gain/ profit earned by appellants and other entities, order passed by Adjudicating Officer imposing penalty on appellant directors under section 15HA of the SEBI Act was justified

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