Section 71: No collective investment scheme shall be operated without obtaining a permission

(1) No one shall operate a collective investment scheme or carry out or cause to be carried out any of the following acts without obtaining permission from the Board pursuant to this Act:-

(a) To make an advertisement making an invitation to participate in the collective investment scheme or to make an offer containing any kind of information for participating in such a scheme, whether directly or indirectly,

(b) To provide opinion, advice or consultation to anyone to participate in the collective investment scheme.

(2) Anyone who contravenes sub-section (1) shall be deemed to have committed an offence referred to in this Act.