Mumbai: Speeding up the refund process in the high profile Sahara case, market regulator Sebi on Tuesday asked 'genuine investors' of two Sahara firms to provide their personal and investment details to get back money directly into their bank accounts.
A bank account is a must to get the refund and those without it have been asked by Sebi to open an account with a scheduled bank.
The money would refunded after verification of documents submitted by investors and the claims would have to be made in a format devised by Sebi for the refund purpose, the regulator said in a statement.
"As per the order of the Supreme Court dated May 8, 2013, Sebi (Securities and Exchange Board of India) has initiated the process of refund to the genuine investors who have submitted/would be submitting their claims in the format, after verifying the genuineness of the documents," Sebi said.
The case relates to refund of an estimated amount of over Rs 24,000 crore raised through 'various illegalities' by two Sahara firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHCIL), by issuance of certain bonds.
The Supreme Court has asked Sebi to facilitate the refund to the genuine investors of the two firms after verifying their credentials.
Saharas were asked by the court to deposit with Sebi the entire money raised by them, so that the regulator can make the repayments to investors.
First Published: Tuesday, May 28, 2013, 20:26