PACL case: Sebi panel seeks corrections in application forms by Oct 31

A high-powered committee, which is looking into refunds for PACL investors, on Thursday asked investors having claims of up to Rs 7,000 to rectify errors in their application forms by October 31.

A portal has been made operational for such investors to view status of their claim applications. PACL, which had raised money from public in the name of agriculture and real estate business, was found by Sebi to have collected more than Rs 60,000 crore through illegal collective investment schemes (CIS) over 18 years. 

A panel, headed by retired Justice R M Lodha, has been set up to manage refunds for investors. 

In July, the committee had provided a facility to investors with claim amount between Rs 5,001 and Rs 7,000 to rectify errors in their application forms and accordingly, the web portal was made operational from August 1.

In a press release by Sebi on Thursday, the Lodha panel said, “Investors or applicants with claims up to Rs 7,000-whose claim applications were found deficient, are again requested to expedite and rectify the deficiencies, if any, in their applications before October 31”.