Sebi begins repayment process in Sahara case

In the high profile Sahara case involving over Rs 24,000 crore raised through various illegalities,market regulator Sebi has begun the process of refund to individual investors who have been verified by it.

The money is being refunded only in those cases where Sebi has not found any multiplicity during its verification process. Refund for others will have to wait till the next direction from the Supreme Court,which is likely to hear the case on July 17.

The refunds are being made from Rs 5,120 crore that has been deposited by the Sahara group,which claims to have already returned close to Rs 20,000 crore to the bondholders of two Sahara firms directly. This claim of direct refunds,which Sahara says were made before the Supreme Court order of August 31,2012,is yet to be verified independently,sources said.