SEBI tells art funds to register | Latest News India - Hindustan Times
close_game
close_game

SEBI tells art funds to register

Hindustan Times | ByVyas Mohan, Mumbai
Feb 13, 2008 09:59 PM IST

SEBI said that entities which pool public money to invest in art without the market regulator's approval, can face criminal and civil action, reports Vyas Mohan.

The Securities and Exchange Board of India (Sebi) said on Wednesday that entities that pool public money to invest in art without the market regulator's approval could face criminal and civil action.

HT Image
HT Image

The regulator said no fund house had so far been registered with the Sebi for running an art fund, which according to the regulator's guidelines, are “collective investment schemes”, that require regulatory approval.

Hindustan Times - your fastest source for breaking news! Read now.

"This message is issued by Sebi in the interest of investors with regard to their investments in art funds, funds or schemes launched by companies or any entity formed for the purpose," the regulator said here today.

A relatively new concept in India, the art fund industry in the country has an estimated growth rate of 35 per cent a year and is considered a safe investment haven, mostly by rich investors and non-resident Indians.

At present, there a few art funds in India like the New Delhi-based Copal Art, Crayon Capital, Yatra Fund and Osian's Art Fund.

With Indian art claiming high prices in global art markets and the industry maturing in terms of more galleries and artists, market watchers say the asset class is wooing investors for want of phenomenal returns as well risk diversification.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Arvind Kejriwal News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On