Securities and Exchange Board of India ordered two Sahara Entities (Sahara Commodity Services Corp) and (Sahara Housing Investment Corporation) to refund the money collected from investors through Optionally Fully Convertible Debentures(OFCD) as they violated SEBI Norms.
1. The two Companies have failed to appoint a monitoring agency (a public financial institution or a scheduled commercial bank) when their issue size exceeded Rs. 500 crore, for the purposes of monitoring the use of proceeds of the issue.
2. The two companies have failed to apply for and obtain listing permission from recognised stock exchanges.
The regulator has also denied the two entities from accessing the securities market till the money is refunded.
1. The two Companies have failed to appoint a monitoring agency (a public financial institution or a scheduled commercial bank) when their issue size exceeded Rs. 500 crore, for the purposes of monitoring the use of proceeds of the issue.
2. The two companies have failed to apply for and obtain listing permission from recognised stock exchanges.
The regulator has also denied the two entities from accessing the securities market till the money is refunded.
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