SEBI urges investors not to come under Sahara group pressure

The Securities and Exchange Board of India (SEBI) has urged bondholders of Sahara Group through advertisements that they should not come under pressure from Saharas or their agents and switch from one Sahara Scheme to another.

"SEBI has been receiving complaints from investors that they are being forced by Saharas/their agents/officials to switch-over their investments to other schemes in Sahara Group companies like Sahara Q Shop Unique Products Range Ltd., Sahara Credit Cooperative Society Ltd. etc. Some investors have also complained that their investments have been switched over to the said schemes of Sahara Group companies without their consent," SEBI has stated in its advertisement.

The market regulator has further stated that that act of such person forcing the bond holders of Saharas to switch over to other schemes of Sahara Group companies is not in accordance with the Order of the Honourable Supreme Court.

It may be recalled that the Honourable Supreme Court had ordered the Sahara conglomerate to refund Rs 17,400 crore it had raised from millions of small investors, reaffirming an order from SEBI, which had said the process violated rules.

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