The Tribunal noted that bonus shares are merely accretions to existing holdings, not active or prohibited investments. Precedent and Coordinate Bench rulings confirmed that such passive accretions do not trigger disqualification under Section 13(1)(d). Accordingly, the Trust’s Section 11 exemption remains intact

SEBI allows investment advisers and research analysts to share certified past performance data with clients until the PaRRVA becomes operational.

SEBI allows investment advisers and research analysts to share certified past performance data with clients until the PaRRVA becomes operational.