Section 3 - Amendment of section 11AA - Securities Laws (Amendment) Act, 2014

Amendment of section 11AA. 3. In section 11AA of the principal Act,- (i) in sub-section (1),- (a) after the word, brackets and figure sub-section (2) , the words, brackets, figure and letter or sub-section (2A) shall be inserted; (b) the following proviso shall be inserted, namely:- Provided that any pooling of funds under any scheme or arrangement, which is not registered with the Board or is not covered under sub-section (3), involving a corpus amount of one hundred crore rupees or more shall be deemed to be a collective investment scheme. ; (ii) in sub-section (2), in the opening portion, for the word company , the word person shall be substituted; (iii) after sub-section (2), the following sub-section shall be inserted, namely:- (2A) Any scheme or arrangement made or offered by any person satisfying the conditions as may be specified in accordance with the regulations made under this Act. ; (iv) in sub-section (3),- (a) after the word, brackets and figure sub-section (2) , the words, brackets, figure and letter or sub-section (2A) shall be inserted; (b) after clause (viii), the following clause shall be inserted, namely:- (ix) such other scheme or arrangement which the Central Government may, in consultation with the Board, notify, .