Section 2
[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.]
2 [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.]
(2) Any scheme or arrangement made or offered by any 3 [person] under which,—
(i) the contributions, or payments made by the investors, by whatever name called, are pooled and utilized for the purposes of the scheme or arrangement;
(ii) the contributions or payments are made to such scheme or arrangement by the investors with a view to receive profits, income, produce or property, whether movable or immovable , from such scheme or arrangement;
(iii) the property, contribution or investment forming part of scheme or arrangement, whether identifiable or not, is managed on behalf of the investors;
(iv) the investors do not have day-to-day control over the management and operation of the scheme or arrangement.