SEBI holds Rs. 25,000 crore of Subrata Roy's Sahara Group
The demise of Sahara Group's founder-chairman, Subrata Roy (75), on Tuesday, has brought attention to the conglomerate's undistributed Rs. 25,000 crore held by the SEBI. As ordered by the Supreme Court in 2012, Sahara Group deposited Rs. 24,000cr with the SEBI so its three crore investors are refunded amid allegations of running Ponzi schemes. However, the capital markets regulator refunded only Rs. 138cr in 11 years while the deposited amount grew with interest accrued.