The Securities and Exchange Board of India (SEBI) invited refund applications from investors of PACL Ltd, which has collected over Rs 49,100 crore from small investors (upto Rs. 2500) through various collective investment schemes (CIS) over 15 years. This is the first payout by SEBI in this case.
“…the committee has decided to receive claims from such investors whose total outstanding amount (Principal) with PACL is up to Rs 2,500. It is clarified that refund may not necessarily be Rs 2,500 per claimant investor, and would be effected on a pro-rata basis after considering the number of claims received as well as the funds available with the committee,” said SEBI. The eligible investors were advised to send their refund applications via text messages or by uploading the details on its website by February 28, in a prescribed format, as available on website. About three years ago, the regulator had directed PACL to refund Rs 49,100 crore to investors. PACL ran the biggest illegal money pooling scheme in the history of the country.