Sebi's Sahara KYC job meet on Wed
The Securities and Exchange Board of India (Sebi), which has been mandated by the Supreme Court to facilitate refund of Rs 24,000 crore with 15 per cent annual interest to bondholders of two Sahara group firms after ascertaining their genuineness.
In this regard, Sebi has invited bids from public sector banks and KRAs (KYC Registration Agencies) to act as its IPV Agency in the matter.
Sebi will hold its pre-bid meeting with the interested parties tomorrow at its headquarters in Mumbai to acquaint them with the nature of work and related issues.
In its order dated August 31, the Supreme Court had asked Sebi to ascertain the genuineness of an estimated three crore bondholders of OFCDs (Optionally Fully Convertible Debentures) of two Sahara group companies (Sahara Housing Investment Corporation Ltd and Sahara Real Estate Corporation Ltd) and thereafter facilitate refund of the money to them with interest.
In this regard, Sebi has decided to carry out in-person verification of these bondholders, for which it is seeking the services of public sector banks and KRAs.
The KRAs are authorised agencies to carry out KYC (Know Your Client) requirements for all the market entities, including brokerage firms and mutual funds.
The selected agency would have to meet the bondholders face to face to establish their existence, visit their given
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