SC: Collective Investment Scheme floated by a private trust is illegal

From the discussion and the decision of the Apex Court,it is clear that according to the statutory scheme a collective investment scheme can only be floated by a person in the form of a collective investment management company and not in any other form and this is why, under sub-section 2 of Section 11AA, the term “company" is used instead of "person."

source https://www.caclubindia.com/articles/sc-collective-investment-scheme-floated-by-private-trust-is-illegal-47002.asp