In Brief
This judgment concerns two art investment trusts—Yatra Art Fund Trust and Yatra Art Fund II—established under the Indian Trusts Act, 1882, which collected over Rs. 32 crores from investors with a promise of returns. The Securities and Exchange Board of India determined these were unlicensed collective investment schemes. The Supreme Court upheld that determination, holding that collective investment schemes cannot lawfully operate as private trusts; they must be registered as Collective Investment Management Companies under the SEBI Act. The Court ordered refund of all invested capital plus 10% per annum interest, with principal due within six months and interest within nine months of the judgment.</summary_100> </invoke>
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