Sebi panel provides facilities for investors to update mobile numbers in PACL case

AgenciesUpdated: Friday, June 17, 2022, 03:20 PM IST
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A high-powered Sebi committee on Friday provided facilities to PACL investors to update details of their mobile numbers and enquire whether SMSs have been sent to them to submit original certificates.

The committee in April asked investors, who invested in illegal schemes of PACL, to submit their original registration certificates by June 30 only after receiving an SMS from the panel.

This was applicable only to those investors whose claim money is between Rs 10,001 and Rs 15,000 and whose applications were verified.

The markets regulator had set up a committee headed by former Chief Justice of India RM Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group.

The panel is overseeing the process of disposing of properties to refund investors after verifying their genuineness. It has already initiated the process of refund in phases.

PACL, also known as Pearl Group, which had raised money from the public in the name of agriculture and real estate businesses, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

According to a press release uploaded on Sebi's website, the committee has been receiving queries from investors regarding the non-receipt of SMS calling for original PACL certificates owing to a change of mobile number.

Many investors have said that mobile numbers provided by them during the submission of online claims are no longer operational.

Accordingly, the committee has now provided few facilities to investors or applicants of PACL on the web portal.

"Investors/applicants of PACL Ltd can now update/change their registered mobile numbers online on the web portal. Investors/applicants with claims between Rs 10,001 and Rs 15,000 can now check on the web portal whether SMS has been sent to their registered mobile numbers for submission of original PACL certificates," according to a release.

It further said that a detailed step-by-step process is to be followed for updating mobile numbers on the portal and to enquire whether an SMS has been sent calling for the original PACL certificate on the web portal.

In December 2015, Sebi had ordered the attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money due to investors.

Sebi had asked PACL and its promoters and directors to refund the money in an order passed in August 2014. Also, the defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.

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