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On November 14, 2023, when the Sahara group founder, Subrata Roy, died, hundreds of questions about this strange business group remained unanswered. The Sahara story consists of Roy’s grandiose dreams, shocking controversies, and the inflow of tens of thousands crore rupees from tens of millions of depositors, who have never been identified in one place. An equally important part of the story is the abject failure of supervision as Sahara raised vast sums of money at will without approval or/and balances. The blame lies equally with the Ministries of Finance, Company Law and Cooperatives, Serious Fraud Investigation Office, Securities & Exchange Board of India (Sebi), and Reserve Bank of India (RBI).
On Thursday, Sebi Chairperson Madhabi Puri Buch said the