PACL Chit Fund Refund latest news 2022: This committee, headed by retired judge RM Lodha, was formed to make arrangements for refund of investors who invested in PACL.
PACL Chit Fund Refund latest news 2022: Investors of chit fund company Pearl Group (PACL) have got great news. SEBI has issued a new order for refund. The Committee of the Securities and Exchange Board of India (SEBI) has approved the refund of claims up to Rs 15000. In the new order of SEBI, it has been said that till now the refund of the investors who had applied for claims up to Rs 15000 has been approved. But, flaws have been found in the application of some investors. Such investors can claim for refund by rectifying their claim by January 31, 2023.
Approval for payment of claims up to Rs 15000
SEBI has also provided the facility of online portal to rectify the mistake in the application. To remove these flaws, you have to apply at sebipaclrefund.co.in. The committee of SEBI related to refund of deposits to the investors of PACL has allowed payment of claims up to Rs 15,000. The window will be open from November 1 to January 31, 2023 to remove the shortcomings. This committee, headed by retired judge RM Lodha, was constituted to make arrangements for refund of money to investors who had invested in PACL.
When did the refund start?
Let us tell you, the refund process for the investors of PACL started in January 2020. Earlier, claims up to Rs 5,000 were settled. After this, claims up to Rs 10,000 were accepted in January-March 2021. In the month of April 2022, SEBI had called for refund applications from 10001 to 15000 rupees. Refunds are now being given for these applications. But, flaws have been found in the application of some investors. Those have been given time till January 2023 to rectify them.
What is the whole matter?
The famous Pearl Group (PACL) had raised a large amount from retail investors in the name of agriculture and real estate business. According to SEBI, this company had illegally raised about Rs 60,000 crore from investors within 18 years. Pearls offered them attractive interest rates to raise money from investors, while paying hefty commissions to the agents. In such a situation, a large number of people invested their money in the greed of interest and commission. After the intervention of the Supreme Court, SEBI has taken action and is now giving refund to the investors.
