Sebi asks Sahara to refund Rs 4,843 cr to investors

In the biggest refund order in its two-decade history, the Securities and Exchange Board of India (Sebi) today directed two Sahara group companies to return at least Rs 4,843 crore collected under their debenture schemes to investors. The two companies are Sahara Commodity Services Corporation and Sahara Housing Investment Corporation.

The order will, however, take effect only after it is considered by the Supreme Court. On May 12, the Supreme Court had asked Sebi to “expeditiously hear and decide this case.”

It also restrained the entities from accessing the securities market for raising funds “till the time the aforesaid payments are made to the satisfaction of the regulator.”