Sebi's quest to locate genuine Sahara investors may be turning largely futile, but the entire process has become a very costly affair for the regulator and its expenses may rise further next year from about Rs 60 crore estimated for the current fiscal.
In the high-profile case involving refund of over Rs 24,000 crore and additional interest of 15% per annum, the Supreme Court had asked Saharas in August 2012 to submit all documents and refund money to Sebi for further repayments to genuine investors after verifying the documents.
Sebi feels that the storage cost payable for the documents submitted by Saharas will go up further in the next fiscal 2014-15 due to receipt of additional documents, such as property title deeds submitted by Saharas, as also due to storage of scanned images, sources said.
Text: Press Trust of India
Image Courtesy: Reuters