Sebi slaps 4-year ban on Yatra Art Fund

Capital market regulator Sebi today imposed a four-year ban on Yatra Art Fund for illegally raising funds from investors.
Besides, Yatra Art Fund has been directed to refund the entire monies collected by it along with the returns at the rate of 10 per cent per annum within three months.
Sebi said that Yatra had collected investments from the investors and had used the same for its unregistered and illegal schemes.
The investments made by the investor would have fetched certain interest if the money would have invested elsewhere, it said in an order.
"Yatra Art Fund is restrained from accessing the securities market and are prohibited from buying, selling or otherwise dealing in securities market for a period of four years," Sebi noted.

Further, Yatra has been directed to abstain from collecting any money from the investors or launch or carry out any collective investment schemes.
In case the entity fails to comply with the directions, Sebi said it would then "make a reference to the state government/ local police to register a civil/ criminal case against Yatra Art Fund, its promoters, directors and its managers/ persons in-charge of the business and its schemes, for offences of fraud, cheating, criminal breach of trust and misappropriation of public funds".