Sahara Group investors are still waiting for a refund of their money that was invested in various Sahara Group Companies and Cooperatives. The refund process is ongoing, and the death of Subrata Roy, the chairman of the Sahara Group, is not expected to affect it.
The Securities and Exchange Board of India (SEBI) has recovered ₹25,000 crore from Sahara Group, and as of March 31, 2023, SEBI received 19,650 applications involving 53,687 accounts, with refunds made for 17,526 applications totaling ₹138.07 crore, including ₹67.98 crore in interest.
In August, the government initiated the process to refund ₹5,000 crore to 10 crore depositors stuck in Sahara Group’s four cooperative societies within 9 months.
The government, following a Supreme Court order, transferred ₹5,000 crore from the Sahara-Sebi refund account for the refunds.
The CRCS-Sahara Refund Portal was launched to facilitate the return of the money to investors, and around 18 lakh depositors have been registered on the portal.
What is the Process for Claiming a Refund after the Death of a Sahara Group Investor?
The process for claiming a refund after the death of a Sahara Group investor involves registering online for a refund through the CRCS-Sahara Refund Portal. Once registered, investors can fill out the necessary form and upload required documents such as deposit receipts, membership number, deposit account number, and Aadhaar-linked mobile number. Common Service Centres (CSC) have been set up for investors to fill out applications, and the entire refunding process is expected to be completed within 45 days. The death of Subrata Roy, the chairman of the Sahara Group, is not expected to disrupt the ongoing process of claiming refunds on the CRCS-Sahara Refund Portal.
The Securities and Exchange Board of India (SEBI) and CRCS procedures are ongoing, and any investors and depositors can continue to register on the web portal to claim a refund.
The government has initiated the process to refund ₹5,000 crore to 10 crore depositors stuck in Sahara Group’s four cooperative societies within 9 months, and the CRCS-Sahara Refund Portal has been launched to facilitate the return of the money to investors.