Won't accept claim from Shah Group Builders' investors after Oct 16: Sebi

Markets regulator Sebi on Monday said it will not accept any claim for the refund of money from investors of Shah Group Builders after October 16.

Sebi, which initiated the refund process for investors of Shah Group Builders, last month asked them to submit bank details as well as other documents by September 18.

However, claim forms from the investors were received even beyond the due date as many investors became aware of the refund process subsequent to the stipulated date, Sebi said in a public notice on Monday.

It further said considering the COVID- 19 outbreak and the resultant lockdown restrictions imposed in March, claims received even after the stipulated date were accepted.

"Considering that sufficient opportunity and time have been given to the investors of Shah Group Builders to submit their claim forms, it is hereby informed that no claims shall be accepted after close of office hours on October 16, 2020," Sebi said.

Shah Group had raised over Rs 6 crore through the issuance of shares to more than 1,500 people between July-November 2008 without complying with the regulatory provisions applicable for a public issue.