PACL investors' refund applications under process: Sebi1 min read . Updated: 16 Oct 2019, 07:57 PM IST
- The regulator also asked other investors of PACL to await committee's notification
- PACL had illegally collected around ₹60,000 crore from the public, mainly in the name of agriculture and real estate businesses
MUMBAI : Markets regulator Sebi on Wednesday said applications filed by investors of PACL for claims up to ₹5,000 are currently being processed for making refunds.
In February, the markets watchdog asked investors of PACL to submit their refund applications to the panel headed by retired Justice R M Lodha till April 30.
The committee was set up by Sebi following a Supreme Court order for selling properties of PACL and using the sale proceeds to refund investors.
"Applications filed by the investors for claims up to ₹5,000 are currently being processed for effecting refund," the Securities and Exchange Board of India (Sebi) said in a statement.
Further, in the current refund process, claim applications of investors who are in possession of the requisite documentation such as original bond certificate and outstanding receipt of payment are being considered, it added.
The regulator also asked other investors of PACL to await committee's notification.
"Other investors with claims in excess of ₹5,000 as well as other cases, such as claim applications from nominees or legal heirs or where investor does not possess any receipts or is in possession of only a few receipts or just the last receipt and/or does not possess the bond certificate or investor has only acknowledgement issued by PACL, etc, are requested to await notification by the committee with respect to such claims, in due course," it added.
PACL had illegally collected around ₹60,000 crore from the public, mainly in the name of agriculture and real estate businesses, and was found by Sebi to have collected these funds through illegal collective investment schemes over 18 years.