2 weeks ago
Sahara Refunds Stall as SEBI Holds ₹21,505 Crore
SEBI is holding a large amount of money meant to be returned to Sahara investors.
It said no new refunds were made during 2025-26.
The main refund account had about ₹16,379 crore at the end of March 2026.
With interest from bank deposits, the total money held was about ₹21,505 crore.
Another ₹5,000 crore was sent to a government registrar to help pay investors.
Sahara companies want to sell their remaining property to Adani Properties.
The Supreme Court has not yet decided the property-sale issue.
A lawyer said officials need to explain when claims will close and what will happen to money left over.
The refund process began after a 2012 court ruling involving about 23 million investors.
SEBI reported no fresh Sahara investor refunds during 2025-26.
The Sahara refund account held about ₹16,379 crore at March-end 2026, against a principal liability of ₹25,781 crore.
Including accrued interest in fixed deposits, the total fund balance was about ₹21,505 crore after ₹5,000 crore was remitted for investor payouts.
Sahara Group companies have asked the Supreme Court to approve the sale of remaining assets to Adani Properties.
The Supreme Court case remains pending, while legal experts seek a clear process and deadline for unresolved or dormant claims.
- Who
- SEBI, Sahara Group companies, the Central Registrar of Cooperative Societies, and Sahara investors are involved; the Supreme Court is overseeing the matter.
- What
- Refunds to Sahara investors remain incomplete while SEBI holds ₹21,505 crore including accrued interest.
- Where
- The matter is pending before the Supreme Court, while the funds are held in fixed deposits across nationalised banks.
- When
- SEBI reported the position as of March-end 2026; the Supreme Court’s original refund order was issued in 2012.
- Why
- The refunds follow the Supreme Court’s finding that two Sahara companies illegally raised money from investors; asset-sale approval and unresolved claims remain pending.
Regulatory and Court-Supervised Process
Calls for a Defined End Point
Property sale
Regulatory and Court-Supervised Process
SEBI told the Supreme Court that any sale of Sahara properties should be transparent, fair, open to all interested purchasers, and subject to court conditions.
Calls for a Defined End Point
The Sahara Group companies have applied to sell all remaining assets to Adani Properties, but the proposal remains pending before the Supreme Court.
Duration of refunds
Regulatory and Court-Supervised Process
SEBI’s special enforcement cell continues implementing the Supreme Court’s refund directions under monitoring by Justice (retd) BN Agarwal.
Calls for a Defined End Point
Sonam Chandwani of KS Legal & Associates said the process needs a defined procedure for dormant or disputed claims and a clear end point.
Remaining money
Regulatory and Court-Supervised Process
The available corpus remains invested in fixed deposits, with funds also remitted to the Central Registrar for distribution to investors.
Calls for a Defined End Point
Chandwani said authorities should publish a roadmap explaining how long claims will remain open and what will happen to any balance afterward.
Key facts
- Total fund balance
- About ₹21,505 crore, including accrued interest in fixed deposits.
- Refund account balance
- About ₹16,379 crore as of March-end 2026.
- Principal liability
- ₹25,781 crore.
- Amount remitted for payouts
- ₹5,000 crore sent to the Central Registrar of Cooperative Societies.
- Fresh refunds in 2025-26
- None reported by SEBI.
- Original court order
- In 2012, the Supreme Court ordered full refunds with 15% interest.
- Investors involved
- About 23 million investors, according to the article.
Quotes
Sonam Chandwani
Managing Partner, KS Legal & Associates
“The court should require the authorities to publish a definite roadmap showing how long claims will remain open, how unresolved claims will be dealt with and what will happen to the balance thereafter.”
thehindubusinessline.com
Sources
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