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Sebi seeks help from banks, KRAs to verify Sahara investors

Publish Date: 04 Nov 2012, 02:09 PM
Last Updated: 04 Nov 2012, 02:22 PM
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KRAs to examine Sahara investors
KRAs to examine Sahara investors

New Delhi: Market regulator Sebi has decided to seek help from public sector banks and KYC Registration Agencies (KRAs) for carrying out 'in-person verification' of about 3 crore investors in the high-profile Sahara case.
    
Sebi (Securities and Exchange Board of India) is already in the process of hiring outside investigating agencies to assist it in the matter involving two Sahara group companies, which have been asked by the Supreme Court to refund to their bondholders Rs 24,000 crore along with interest of 15 per cent per annum for violating norms in raising funds from public.
    
The capital markets regulator has now invited bids from public sector banks and Sebi-registered KRAs for assisting it in "carrying out the KYC-related in-person verification of bondholders" in pursuance with implementation of the Supreme Court order dated August 31.
     
The court has asked Sebi to facilitate the refund after verifying about 30 crore documents, comprising of application forms and other records of an estimated three crore investors.
     
Sebi is also hiring a Registrar and Transfer Agent (RTA) to help it in the data and payment processing related works in the case. The RTA's job would involve scanning and verification of investor documents, setting up and managing of toll-free investor helpline and grievance redressal cell and processing of payments to the genuine investors.
    
As the number of investors involved in the Sahara matter is very large, Sebi has decided to seek help from banks and KRAs as well, for checking the credentials of the investors by way of "in-person verification" of those listed by Sahara group firms as their bondholders.
     
KRAs are agencies mandated by Sebi to carry out KYC (Know Your Client) registration activities for various market entities, including brokerage firms and mutual funds.
     
In a public notice late last month, Sebi had said that Sahara has not submitted the relevant documents to it and the regulator has been receiving complaints of investors being forced to switch to schemes in its other Sahara group companies.
     
Sebi has asked these investors against yielding to any pressure for switching over their investments in two Sahara companies - Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) – to other group companies.
    
The market regulator has also approached the Supreme Court against Sahara group for not complying with the court order relating to furnishing of documents and other details of the concerned investors within 10 days of the order, dated August 31.

(Agencies)

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  • Megha12 Feb 2013, 00:00 AM

    In my opinion Sebi is being harsh towards Sahara India. But Sahara India seem to be quite firm and stand still on the fact that they have not done anything illegal and wrong and have not put to use the depositors money in wrong way. This stand of theirs makes me believe that they are still one of the most sorted organisations in our country.

  • Ajit Kumar15 Dec 2012, 00:00 AM

    I also want my money back

  • Pijus roy Choudhury11 Nov 2012, 00:00 AM

    I am a Sahara Inverter. I want to get back my money @15% interest rate. Please tell me how I can get back my money along with 15 percent interest.

  • Sundeep07 Nov 2012, 00:00 AM

    i think deepali and priyanka are SAHARA agents

  • deepali05 Nov 2012, 00:00 AM

    According to the Sahara official, while several depositors collect the redemption amount and move out, a large percentage of investors re-invest the principal with the company. "This is a regular phenomenon. You will find a similar pattern in other institutions (where commission is paid) like Post Office and LIC," then why sahara is only corrupted company and not post office?

  • pradeep05 Nov 2012, 00:00 AM

    Sahara has insured the payment of its investors by converting their investors bonds in Q-shop.

  • krrish05 Nov 2012, 00:00 AM

    SAHARA WILL REFUND WITHIN STIPULATED TIME. EVERYBODY CAN TAKE PAYMENT BY THEIR COUNTER

  • manali05 Nov 2012, 00:00 AM

    we respect court but it should not hamper the worker because unemployed may raised more than 10 lac once again respect supreme court

  • parth05 Nov 2012, 00:00 AM

    SAHARA is not cheating the small investors by converting their money to sahara q shop A group of greedy agents in order to earn commission making false promises.

  • krrish05 Nov 2012, 00:00 AM

    Sahara has already converted their investors bonds in sahara Q-shop.

  • shiva05 Nov 2012, 00:00 AM

    I am sure that Sahara will refund the money to its investors soon in order to maintain its brand image

  • priyanks05 Nov 2012, 00:00 AM

    Being an investor myself, I can relate to the fears and uncertainties of people in times like these. But, with a company like "Sahara", these fears seem irrational. They have stood strong for the past 33 years,and braved the storms of resentment and injustice. I see the current situation also as a malicious intent to destabilize the image and position of the company. I would request all my fellow investors to support Sahara, in these turbulent times and have patience and faith in this company.

  • priyanks05 Nov 2012, 00:00 AM

    If any of the investor yet not converted their bonds into Q-shop scheme so what will be the procedure to get back the deposited money & how much time it will take i.e. months will they gona get originally deposited money fully or not.

  • kinjal05 Nov 2012, 00:00 AM

    Sahara Investors are safe. Investors will get converted their bonds into Q-shop scheme

  • priyanks05 Nov 2012, 00:00 AM

    sir, the present SEBI is incompetent & unworthy. must be changed immidiately.

  • priyanks05 Nov 2012, 00:00 AM

    sir, the present SEBI is incompetent & unworthy. must be changed immidiately.

  • sneha05 Nov 2012, 00:00 AM

    Depositor's have faith on sahara bcoz only sahara can give money back to them, but onces it is handed over to sebi then it is impossible to get money back. Example is speak asia where is all money gone. GOD KNOWS

  • sneha05 Nov 2012, 00:00 AM

    It is very shameful to say that, SEBI is trying to achieve the no. 1 position in corruption. They are always involved in money laundering business. We people always invest money in share market where risk factor is 200 %. So in that case SEBI is unable to refund the money of common people. But in case of SAHARA, money is always refunded by sahara group to common people after valid tenure with at least 1 rupee interest. No money is deducted from the principal amount. So, it is my request to the citizen of India, that firstly fight against SEBI , after that try for SAHARA. Don't look for any law. Law is for the people,by the people.