Section 11AA(2A) in The Securities and Exchange Board of India Act, 1992
(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.(3) Notwithstanding anything contained in sub-section (2) or sub-section (2A), any scheme or arrangement—(i)made or offered by a co-operative society registered under the Co-operative Societies Act, 1912 (2 of 1912) or a society being a society registered or deemed to be registered under any law relating to co-operative societies for the time being in force in any State;(ii)under which deposits are accepted by non-banking financial companies as defined in clause (f) of section 45-I of the Reserve Bank of India Act, 1934 (2 of 1934);(iii)being a contract of insurance to which the Insurance Act, 1938 (4 of 1938), applies;(iv)providing for any Scheme, Pension Scheme or the Insurance Scheme framed under the Employees Provident Fund and Miscellaneous Provisions Act, 1952 (19 of 1952);(v)under which deposits are accepted under section 58A of the Companies Act, 1956 (1 of 1956);(vi)under which deposits are accepted by a company declared as a Nidhi or a mutual benefit society under section 620A of the Companies Act, 1956 (1 of 1956);(vii)falling within the meaning of Chit business as defined in clause (d) of section 2 of the Chit Fund Act, 1982 (40 of 1982);(viii)under which contributions made are in the nature of subscription to a mutual fund;(ix)such other scheme or arrangement which the Central Government may, in consultation with the Board, notify,shall not be a collective investment scheme.
