More than 19 lakh PACL investors with claims of up to Rs 17,000 have received Rs 920 crore in refunds, markets regulator Securities and Exchange Board of India (Sebi) said on Monday. The regulator had found that Perl Agrotech Corpration Ltd (PACL) , which had raised money from the public in the name of agriculture and real estate businesses, collected more than Rs 60,000 crore through illegal collective investment schemes (CISs) over 18 years.
A comitteheaded by retired Justice RM Lodha had initiated the process of refunds in phases for investors, who had invested in PACL. "As on date, the committee has successfully effected refunds in respect of a total number of 19,61,690 eligible applications with outstanding (principal) amount up to Rs 17,000 aggregating to Rs 919.91 crore," according to the Sebi website. The committee, in February, had called for original PACL certificates from investors whose principal amount with Perl Agrotech Corpration was more than Rs 15,000 and up to Rs 17,000 in order to refund the money to them after verification of original certificates.
The window for accepting original certificates was kept open from February 27 to March 20, 2023. The committee, subsequently, after considering the difficulties faced by the investors in submitting original certificates, decided to refund the money without insisting on original certificates.
Securities and Exchange Board (sebi) in India that oversees and regulates the securities market, including stocks, bonds, and other investment products. SEBI was established in 1988 to protect the interests of investors and to promote the development of the securities market in India. Its responsibilities include ensuring transparency and fairness in the market, preventing fraudulent and unfair trade practices, and regulating stockbrokers and other intermediaries. SEBI also works to educate investors and promote investor awareness through various initiatives and programs.
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