SEBI begins repayment process in Sahara case

In the Sahara case involving over Rs.24,0000000000 raised through ‘various illegalities’, the Securities and Exchange Board of India (SEBI) has begun the process of refund to individual investors who have been verified by the regulator. The money is being refunded only in those cases where SEBI has not found any multiplicity during its verification process. Refund for others will have to wait till the next direction from the Supreme Court, which is likely to hear the case on July 17. The refunds are being made from Rs.5,1200000000 that has been deposited by the Sahara group, which claims to have already returned close to Rs.20,0000000000 to the bondholders of two Sahara firms directly. — PTI