SEBI cautions investors against Sahara’s pressure

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FINANCE/MARKETS

SEBI cautions investors against Sahara’s pressure


Oct 28, 2012

Securities and Exchange Board of India, SEBI has advised investors against 
yielding to any pressure from Sahara or their agents for switching over their investments in two companies — Sahara India Real Estate Corp Ltd, SIRECL and Sahara Housing Investment Corp Ltd, SHICL– to other group companies.

The SEBI, in a public notice on Saturday, said that the regulator has been receiving complaints from investors of being forced by Sahara to switch to schemes in its other group companies.
In August, the Supreme Court had directed SIRECL and SHICL to refund investors’ money worth Rs 24,000 crore within three months with 15 per cent interest per annum for violating norms in raising funds from the public.
The apex court had said that if SIRECL and SHICL fail to refund the amount, then SEBI can attach properties and freeze bank accounts of these companies.

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