PACL case: Sebi panel asks investors to produce original docs for refunds

Markets regulator Sebi on Friday 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.

Sebi had set up a committee headed by former Chief Justice of India R M Lodha following a Supreme Court order to refund money to investors in the matter of PACL group.

The panel has asked only such investors who have received SMS to send their original PACL certificates to the committee, said Sebi in a statement.

"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 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.

The Lodha panel is overseeing the process of disposing of properties to refund investors after verifying their genuineness.