Pancard Clubs case: Sebi not called claim applications from investors

Sebi today said it has not called for any claim application in illegal money-pooling case involving Pancard Clubs and warned a trust against collecting such applications from investors.

Pancard Clubs had mobilised Rs 7,035 crore from 51,55,516 investors from 2002-03 to 2013-14 through its various unauthorised holiday schemes.

Currently, Sebi is in the process of auctioning properties of Pancard Clubs and its late CMD in order to recover investors' money.

The advisory comes after the regulator noted that Investor Action Forum Charitable Trust is collecting claim applications, from investors of Pancard Clubs for refunds, addressed to the Sebi's Recovery Officer, along with some money from investors.

"Sebi has not called for any claim applications in the matter of Pancard Clubs Ltd nor authorised or advised any individual or groups to collect the claim applications to be submitted to Sebi," the markets watchdog said in a notice.

Besides, the Securities and Exchange Board of India (Sebi), in January this year, had declined a request by the trust to collect the claim applications from investors.

Further, it also directed the trust to refrain from indulging in unauthorised activities.