New Delhi: Market regulator SEBI has incurred initial costs of more than Rs 55 crore in its humongous task of facilitating Rs 24,000-crore refund to bondholders of two Sahara firms after verifying their credentials and Saharas would have to clear all these bills. The final expense bill of the Securities and Exchange Board of India (SEBI) in this high-profile case could be much higher, as just two contracts - for storage and scanning of investor documents and for providing a platform to facilitate redemption related services - have cost it Rs 55.85 crore.
SEBI is verifying the credentials of more than three crore investors for the refund as per a direction from the Supreme Court, which has also ruled that Saharas would have to pay all the expenses borne by the regulator in this matter.
SEBI has contracted Stock Holding Corporation of India (SHCIL) for the work relating to storage, digitisation and scanning of investor documents and for creation of a database, a senior official said, while adding that this contract is worth Rs 25.97 crore.
Besides, another contract of Rs 29.88 crore was given to UTI Infrastructure Technology & Services for the work relating to redemption related activities in this case, he said. The Supreme Court has also appointed a retired judge to oversee the matter at a monthly remuneration of Rs five lakh in addition to travelling, accommodation and other expenses, all of which are borne by SEBI and recoverable from Saharas. ...
03:17 PM, Apr 07, 2013
New Delhi: The Supreme Court on Tuesday said SEBI was entitled to seek all necessary information from two Sahara group firms on how resources were being raised but refused to stay the companies' ongoing fund-mopping exercise. The apex court was hearing market regulator's petition against an Allahabad High Court order staying SEBI's ban on two Sahara group firms, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation from raising... 
