Sebi has so far refunded only Rs 2 crore, claims Sahara

MUMBAI: Capital market regulator Sebi has refunded only Rs 2 crore to Sahara investors as against close to Rs 11,500 crore lying with it – the amount together with interest it has received from Sahara, according to a Sahara release.

Sahara has been directed by the Supreme Court to cough up more than Rs 20,000 crore to Sebi for the regulator to refund investors of optionally convertible debentures issued by two Sahara companies. In response to an advertisement, Sebi has so far received refund demand of Rs 20 crore, said the release.

“The question that arises is whether these are fictitious accounts… Only verification can clarify this point, as mandated in the Hon’ble Court’s order of 2012,” said the release adding that Sebi has not initiated verification. Sebi officials were not available for comments.

Sahara also claimed that a regulatory audit by RBI did not reveal any fake investors. “Between 2008 and 2012, on RBI’s order, Sahara repaid Rs 18,000 crore to investors under the supervision of two statutory auditors and three RBI nominated directors. The bank account was controlled by RBI… RBI did not find any fictitious account; not even one,” stated the release.