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SEBI bars Religare Arts from collecting money from investors
Market regulator Securities and Exchange Board of India (SEBI) has barred Religare Arts Investment Management Ltd and Religare Arts Initiative Ltd (together Religare Arts) from collecting money from investors or launch any collective investment schemes (CIS). Religare Arts Investment Management is a unit of Religare Arts Initiative, which is 100% owned by Religare Enterprises Ltd.
 
In an order, Prashant Saran, Whole Time Member of SEBI, also asked Religare Arts to refund monies collected under its scheme with returns, which are due to its investors as per the terms of the offer, within three months. Religare Arts has to also submit a compliance report to SEBI within 15 days after that. The report should include trail of funds claimed to be refunded, bank account statements indicating refund to the investors and receipt from the investors acknowledging such refunds, the market regulator said in its order.
 
Religare Arts Initiative is the sole corporate trustee for Religare Art Fund, a private trust. Religare Art Fund through its 'Pratham' investment scheme had collected Rs11.49 crore from 43 investors. Later 38 of them transferred their interest in the fund to Religare Venture Capital Ltd. The scheme was closed on 10 September 2013 and in December 2013, the rest six investors were paid money. Rajashri Bhatnagar was paid Rs4.81 lakh as against her investment of Rs12 lakh, while Anoop Kumar Adlakha received Rs4.01 lakh (Rs10 lakh), Ratan Lath got Rs10.03 lakh (Rs25 lakh)  and Sudhir Rao was paid Rs6.01 lakh against his investment of Rs15 lakh.
 
Rajashri Bhatnagar, Anup Kumar Adlakha, Ratan Lath and Sudhir Rao had incurred losses of Rs7.18 lakh, Rs5.98 lakh, Rs14.96 lakh and Rs8.98 lakh, respectively. Out of the said eight investors, seven investors have confirmed that they have received the refund of principal amount. Adlakha through an email on 23 May 2016 submitted before SEBI that he had received only 60% of total invested amount and sought help in recovering his balance money.
"In view of the above, it would be reasonable to direct Religare to make good the losses suffered by the said four investors namely Rajashri Bhatnagar, Anup Kumar Adlakha, Ratan Lath and Sudhir Rao and to return their investments as was done in the case of 38 investors," SEBI said in its order.

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