Sebi comes out with FAQs in 13 languages for PACL investors
Taking a multi-lingual approach for reaching out PACL’s investors, market regulator Sebi on Monday come out with a detailed set of Frequently Asked Questions (FAQs) about the case in 13 languages, including English and Hindi.
Besides, the FAQs have been issued in regional languages, including Assamese, Malayalam, Gujarati, Kannada, Tamil and Bengali. These have also been published in Marathi, Odia, Punjabi, Telugu and Urdu.
Following a Supreme Court order, Sebi has set up a high-level committee to ensure refunds in the PACL case are made to genuine investors.
The panel, chaired by former chief justice of India R M Lodha, is in the process of collecting documents of PACL from CBI to initiate the process of disposing of properties to refund money to investors after verifying their genuineness.
“In the interest of the investors and to address their possible queries regarding the procedure likely to be followed for the purpose of refund, ‘PACL-FAQs for Refund’ has been uploaded on the Sebi website, on the recommendation of the committee,” the regulator said.
Earlier, the Securities and Exchange Board of India (Sebi) advised investors concerned to hold on to the original documents and submit the same for refund upon asked for.
“It is advised not to yield to any pressure from any person, including PACL or their agents, for converting or switching over existing investments to any of their other schemes, if any,” it had said.
The market watchdog is tightening the noose around PACL for refunding over Rs 49,000 crore raised through illegal money-pooling activity, which is seen as one of the biggest ponzi schemes in the country.
PACL, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected these funds through illegal collective investment schemes over a period of 18 years.
Source : ETReal