SEBI directs Sahara India Commercial Corp to refund money raised via OFCDs with 15% interest

Sebi has asked Sahara India Commercial Corporation, Subrata Roy and the company's other former directors to return over Rs14,000 crore raised from millions of investors through optionally fully convertible debentures (OFCD) without complying to regulatory norms. Besides, barring these entities from the capital markets for four years, the Securities and Exchange Board of India (Sebi) has ordered them to refund the money along with 15% annual interest.
 
Sebi found that Sahara India Commercial Corporation (SICCL) had made an offer of OFCDs in financial years 1998-2009 and raised an amount of at least Rs 14,106 crore from 1,98,39,939 investors. SICCL has been directed to provide a full inventory of all the assets and properties and details of all the bank accounts, demat accounts and holdings of mutual fund, shares and securities if held in physical form and demat form, of the company. 
 
SICCL, Subrata Roy and other former directors have been barred from accessing the securities market "till the expiry of four years from the date of completion of refunds to investors". Besides, Sebi has barred Sahara India from the securities markets for four years.

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