PACL Case : Sebi Panel Asks Investors to Produce Original Docs for Refunds
Markets regulator Sebi today said investors in illegal schemes of PACL group having claims of not more than Rs 2,500 have been informed through SMS to produce original documents for receiving refunds.
"It is further informed that refunds upon verification of genuineness of the original PACL certificates/receipts submitted would be credited directly to your (investors) bank account provided in the application," said Sebi (Securities and Exchange Board of India).
PACL also was known as Pearl Group, which had raised Rs 60,000 crore 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 18 years.
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