Sebi slaps 12 crore penalty on Sahara group

Sebi on monday slapped a penalty of 12 crore on Sahara India real estate Corporation, Sahara housing Investment Corporation, subarat roy sahara and few others for violation of the SEBI Act. The matter pertains to the issue of optionally fully convertible debentures  to rise a sizeable amount from the public in contravention of the provisions of the SEBI Act between 2008 and 2009. The matter had come to light when SEBI order said group form Sahara Prime City had filed its offer document with SEBI in 2012. Clearly  when the noticees falsely represented that the OFCD securities De De private the investors of the various measures of investor protection which were available to them under the delegated provisions of the Companies Act and the icdr regulations. As on March 31st 2021 SEBI had recovered  15473 crore out of 23000 crore from SHICL and SIRECL the order further stated. The market regulator found that  SIRECL and SHICL raised money through the public issue of securities by issuing the  OFCDs without following the various procedures intended to protect the interest of the investors, in respect of public issues prescribed under the norms.