PACL, 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.
A panel headed by retired Justice R M Lodha initiated the process of refunds in two phases -- during the period January 2, 2018 to March 31, 2018 and February 8, 2019 to July 31, 2019 -- for investors, who invested money in PACL.
Under the second refund process, 2,77,544 investors having claim amount up to Rs 5,000 have been paid, the Securities and Exchange Board of India (Sebi) said in a statement.
In the first phase, refunds were effected in respect of 1,89,103 investors having claim amount up to Rs 2,500, it added.
The regulator said that certain applications having claim amount up to Rs 5,000 could not be processed further on account of one or more deficiencies in the application form.
It further said that the panel, from a date to be notified shortly, will provide an opportunity to such investors "to make good deficiencies as may be applicable to their claims, so as to enable their claims to be processed".
In December 2015, Sebi had ordered attachment of all assets of PACL and its nine promoters and directors for their failure to refund the money which is due to investors.
Sebi had asked PACL as also its promoters and directors to refund the money in an order dated August 22, 2014. The defaulters were directed to wind up the schemes and refund money to the investors within three months from the date of the order.