MUMBAI, February 9: The Dave committee, set up by the SEBI to formulate regulations for plantation schemes, has worked out a draft definition of collective investment schemes.At a meeting held here on Monday, the committee deliberated on various options for a definition and decided that it would cover any scheme or arrangement on the following lines:
* With respect to property of any description the purpose of which is to enable the investors to participate in or receive profits or income arising from the management of such property or investments made thereof.
* The contributions of the investors by whatever name it is called are pooled.
* The property or such contributions is managed as a whole on behalf of the investors whether or not such a property or investment is evidenced by identifiable properties or otherwise.
* The investors do not have day to day control over the management of the property.
The committee is making an attempt to include all possible schemes that are issued by theseplantation companies. The chairman of the committee S A Dave did not attend the meeting and hence no final decision was taken on the definition. The definition being taken into consideration will cover various schemes like the time share units, the teak equity, orchards, land and also the deposit schemes.
The committee also put forth another recommendation on how the plantation schemes should be assessed.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
