Image Source - Social Media
Subrata Roy, the head of Sahara Group who recently passed away, had a long disagreement with Sebi, bringing attention to the issue of refunds for about 30 million investors, totaling more than Rs 25,000 crore.
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Despite putting Rs 24,000 crore in deposit, Subrata Roy argued that Sebi didn't do sufficient work to refund Sahara Group investors.
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Sebi's own information shows refunds of only about Rs 138 crore as of March 31, falling short of the planned amount of Rs 25,163 crore.
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The problem started in 2011 when Sebi told Sahara companies to give back money raised through Optionally Fully Convertible Bonds (OFCDs).
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After a long look into the matter, Sebi decided that Sahara companies broke rules when collecting money from many investors.
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In August 2012, the Supreme Court supported Sebi, instructing Sahara companies to put the funds aside for the refund process.
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Sebi made a team to carry out the Supreme Court's orders, getting less than 20,000 requests by March 31, 2023.
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Sebi refunded over 17,500 applications, totaling Rs 138.07 crore. The rest were closed. Sebi now waits for more directions from the Supreme Court, filing 23 updates until March 31.