Section 11AA(2) in The Securities and Exchange Board of India Act, 1992
(2)Any scheme or arrangement made or offered by any 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.
