Section 104: Offences under this Part
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
104. Offences under this Part
(1) Any person who operates a collective investment scheme in contravention of the provisions under this Part shall commit an offence.
(2) Any person who acts as a CIS manager for a collective investment
scheme or holds himself out to act as CIS manager for a collective investment scheme without a CIS manager licence shall commit an offence.
(3) Any person who provides administration services to a collective investment scheme or holds himself out to provide administration services to a
collective investment scheme without the approval of the Commission shall
commit an offence.
(4) Where the assets of a collective investment scheme are held for safekeeping by a person who does not hold a custodian licence, both that person
and the CIS manager of the scheme shall commit an offence.
(5) An offence under this section shall be punishable by a fine not
exceeding one million rupees and to imprisonment for a term not exceeding
5 years.
Sub-Part B – Duties of CIS Managers and their Officers