Share Market: Market regulator SEBI plans to launch a platform where shares can be bought or sold even before they are listed. Giving information about this in a program today, SEBI Chairperson Madhabi Puri Buch said, “Investors remain interested in shares from the time they are allotted to the time trading begins.

During this time, if investors want to trade, they should be given a chance to do so legally.” Trading in IPOs before listing After the shares are allotted to investors and before their listing on the stock exchange, trading continues in the grey market. Madhavi says that a platform should be created for investors interested in such trading, where they can continue it regularly instead of doing it informally. Regulated trading of IPO shares

He said in a conversation during the program that even though trading in the market has not started, but allotment means that investors have become entitled to those shares. At present, the shares are kept frozen in the demat account till listing, so that trading of unlisted shares can be stopped. Now under this new system, after the IPO shares are transferred to the demat account, their trading will be allowed till listing.

SEBI took this step because of this

SEBI has taken this step to crack down on irregular trading in the gray market. In the last few years, there has been a surge in the number of IPOs. The atmosphere of the stock market was also bustling at the beginning of the year. In the first two weeks of the year, many companies launched their IPOs, while there are many more companies in the queue.

What is the gray market?

Let us tell you that the gray market is an unofficial and unregulated market, where shares of companies bringing IPOs are bought and sold. Here trading takes place outside the rules of SEBI. In such a situation, SEBI is not responsible for any fraud with you in the grey market.

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The Securities and Exchange Board of India (SEBI), a regulatory body, has made major changes in the rules related to nominees of mutual funds and demat accounts. The aim is to reduce the number of unclaimed assets and promote better management of investments. These will be useful in case of death or illness of the investor. SEBI has said that an investor can now appoint a maximum of 10 persons as nominees in demat accounts or mutual fund portfolios. This rule will be applicable from March 1, 2025. Let’s know more about this.

What is the rule?

According to a report by CNBC, the investor will have to declare a nominee. This cannot be done by the investor’s power of attorney holders. Nominees can either remain joint account holders with other nominees or open separate single accounts or folios for their respective shares.

What documents are required to transfer assets to a nominee?

•  Self-attested copy of death certificate of deceased investor
•  KYC of nominee must be complete, updated and re-verified.
• Due discharge of creditors

Details to be provided by investors

According to the new guidelines, investors will now have to provide more information about their nominees. This includes identifying details. For example, the nominee’s PAN, driving license number or the last four digits of his Aadhaar number. Apart from this, investors will have to provide the contact details of the nominee and how they are related to you.

How to update nominee?

The nomination form can be submitted both online and offline. For online submission, institutions will accept nominations submitted through digital signature certificate or Aadhaar based electronic signatures. Apart from this, investors will get a receipt after submitting each nomination. This will ensure transparency in the entire process. Regulated institutions are required to maintain records of nominees and receipts for a period of eight years after the transfer of an account or folio.

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Facility of investing through SIP every quarter

LIC Mutual Fund has allowed investment of Rs 100 per day in SIP in all its schemes except LIC MF ELSS Tax Saver and LIC MF ULIP. The condition for daily SIP is to invest a minimum of 60 installments. If investors want to invest through monthly SIP, then they can invest in LIC Mutual Fund schemes through SIP of just Rs 200 every month. For this, the minimum installment should be at least 30.

People with low income will also be able to invest in mutual funds

If an investor wants to invest every quarter, he can invest a minimum of Rs 1000 every quarter in LIC Mutual Fund scheme through SIP. Some time ago, SEBI had announced to start SIP of small amount to bring the mutual fund schemes within the investment scope of the people. SEBI Chairperson Madhabi Puri Buch has also mentioned micro SIP many times. She believes that through this, a large part of the population can invest in mutual fund schemes and benefit from higher returns.

Villages and towns will also come under the purview of mutual fund schemes

RK Jha, Managing Director and CEO of LIC Mutual Fund, said that the launch of small-ticket SIP will give people of small cities and towns an opportunity to invest in mutual funds. This will help in bringing more and more people across the country into the ambit of financial services. LIC Mutual Fund is one of the largest asset management companies in India.

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In the recent monetary policy review meeting, the Central Reserve Bank did not make any changes in the repo rate. However, interest rates are expected to be cut in the coming months. If this happens, then the interest rates on fixed deposits i.e. FD may also be affected. Let us tell you that for almost two years, FD investors in banks and NBFCs have received higher interest rates on their deposits. Today we will tell you about some small finance banks which are giving higher interest on deposits.

Unity Small Finance Bank

Unity Small Finance Bank is offering 9% interest to general customers and 9.5% to senior citizens on 1001 day term deposits. These interest rates are 7.85% for 1 year, 8.15% for three years and 8.15% for 5 years. Senior citizens are given an additional 0.50% interest.

North East Small Finance Bank

This bank offers maximum FD interest rates of 9% for general customers and 9.5% for senior citizens for a tenure of 1111 days. These rates are 7% for 1 year, 9% for 3 years and 6.25% for 5 years. Senior citizens are offered an additional 0.50% interest.

Suryoday Small Finance Bank

This small finance bank offers an interest rate of 8.65% for general customers and 9.15% for senior citizens for a tenure of 2 years 2 days. These rates are 6.85% for 1 year, 8.60% for 3 years and 8.25% for 5 years. Senior citizens are given an additional 0.50% interest.

Shivalik Small Finance Bank

This bank offers interest rates of 8.55% to general customers and 9.05% to senior citizens for tenures of 18 months to 24 months. The interest rates are 6% for 1 year, 7.50% for 3 years and 6.50% for 5 years. Senior citizens get 6.50%, 8% and 7% interest with an additional 0.50%.

Utkarsh Small Finance Bank

Utkarsh Small Finance Bank FD rates for 2 to 3 years are 8.5% for general customers and 9.10% for senior citizens. The rates for 1 year are 8%, for 3 years 8.5% and for 5 years 7.75%. Senior citizens get an additional 0.60% as interest.

Jana Small Finance Bank

Jana Small Finance Bank offers FD rates of 8.25% for general customers and 8.75% for senior citizens for tenures of 1 to 3 years. These rates are 8.25% for 1 year, 8.25% for 3 years and 7.25% for 5 years. Senior citizens get an additional 0.50%.

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If you invest in the stock market, then this news is useful for you. Actually, the country’s leading stock exchanges – BSE and NSE – on Friday revised their transaction charges for cash and future and option deals. The stock exchanges said in separate circulars that the revised rates will come into effect from October 1. This step was taken after the Securities and Exchange Board of India (SEBI) made a uniform fee structure mandatory for all members of the institutions associated with the market infrastructure, including the stock market.

Rs 3,250 per crore premium

BSE has revised the transaction fee for Sensex and Bankex option contracts in equity futures and options to Rs 3,250 per crore premium traded. However, transaction fee for other contracts in the equity futures and options category will remain unchanged. SEBI had issued a circular in July regarding the charges for market infrastructure institutions (MIIs). It said MIIs should have a uniform fee structure for all members, replacing the current volume-based system of trading.

Listing time for debt securities reduced

Let us tell you that recently SEBI decided to reduce the time limit for listing of public issue of debt securities from six working days to three working days. The purpose of this initiative is to speed up access to funds. The new time limit will be optional for the first year and mandatory thereafter.

.SEBI said- In case of public issue of debt securities and non-convertible redeemable preference shares (NCRPS), the listing time has been increased to the day of transaction plus three working days (T plus three), which is currently the day of transaction plus six days (T plus six). This step will enable faster access to funds to the issuers of debt securities.

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The dates for applying for claims of a total amount of more than ₹ 5,00,000 lakh will be announced later. These claims will be processed within 45 working days.

Over 4.2 lakh investors received Rs 362.91 crore till July 16

Earlier on Wednesday, Home and Cooperation Minister Amit Shah told Parliament that till July 16 this year, Rs 362.91 crore has been refunded to more than 4.2 lakh investors of the Sahara Group. Shah said in a written reply in the Rajya Sabha that this money was refunded through the CRCS-Sahara refund portal.

This portal was set up following the order of the Supreme Court on March 29, 2023. Its purpose is to assist legitimate investors to retrieve their money. The minister said that till July 16, 2024, an amount of Rs 362.91 crore was released to 4,20,417 investors of Sahara Group cooperatives.

Also Read: ITR Filing: Deadline for filing ITR extended to 31 August? Income Tax Department itself told the truth

Let us tell you that a total of Rs 86,673 crore of 9.88 crore investors is stuck in the Sahara Group. An application was filed by the Ministry of Cooperation in the Supreme Court to resolve the grievances and payment of their legitimate deposits of genuine members/depositors of the cooperative societies of the Sahara Group, on which the Supreme Court directed to transfer Rs 5000 crore from the “Sahara-SEBI Refund Account” to the Central Registrar of Cooperative Societies (CRCS).

Contact on these numbers: The portal states that depositors are requested to file all claims related to all four societies through a single claim application form. Only claims filed online through the portal will be considered. There is no fee for filing a claim. For any technical problem, you can contact the society’s toll free numbers (0522 6937100/0522 3108400/0522 6931000/08069208210).

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Sebi said in a statement, “The updated ‘Saa₹thi’ app explains complex financial things in a very easy way. Along with this, it also has a very user-friendly interface.”

The app includes financial calculators. It has modules that inform and explain the KYC process, mutual funds, ETFs, buying and selling of shares on stock exchanges, investor grievance redressal systems and mechanisms and online dispute resolution (ODR) platform. Additionally, the app is designed to assist investors in their personal finance planning. It also has a series of videos.

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Young investors will get convenience

Speaking at the launch, Anant Narayan G, Whole Time Member, SEBI said, “In today’s times, social media sometimes provides biased or misleading information. In such a situation, there is a vital need for an unbiased, objective and reliable source of investment information. The Sarathi app serves this purpose by empowering investors with reliable and necessary information in the securities market. It can be especially useful for young investors who are about to start their financial journey.

Available on Android and iOS AppStore

Ananth Narayan added, “The content within the app is dynamic, helping us keep pace with rapidly evolving market conditions. We actively seek public suggestions to further enhance and improve the Saathi app, to ensure it continues to serve our investors.” The ‘Saathi’ app is available for download on Google Play Store and iOS AppStore.

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Let us tell you that according to the rule applicable from April 1, 2024, the KYC of investors was put on hold if Aadhaar-PAN was not linked, due to which investors could neither invest in any mutual fund nor redeem their investment.

KYC can be done even without Aadhar-PAN link

SEBI has given big relief to such investors. According to the new rule, even without linking Aadhaar-PAN, investors can get their KYC done with OVD i.e. officially valid documents like Aadhaar, PAN card, Voter ID, passport and driving license. The KYC status of such an investor will be KYC registered.

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Investment is possible only in the fund for which KYC is done.

An investor with KYC registered status can deal only with that fund for which KYC has been done and not with any other new fund. At the same time, if an investor has linked Aadhaar-PAN and got his KYC done, then the status of that investor will be KYC Validated. Such investors can invest in all mutual funds.

KYC registered investors will have to get KYC done again to invest in any new fund. If KYC status is on hold, then the investor’s email, mobile number, address are not verified. Investors with KYC on hold will not be able to deal in mutual funds nor invest nor will they get the facility of redemption.

Where can you check KYC Status?

If any investor wants to check the status, he can check KYC status on www.CVLKRA.com
. By going to KYC inquiry page, investors can check KYC status with their PAN number. On this page, investors can also see their KYC registered authorities i.e. KRA such as CAMS, Karvy etc.

Relief given in the circular of May 14

If the investor’s KYC is not validated or registered, then he can do KYC by visiting the website of his KRA with officially valid documents. In the circular dated May 14, SEBI has given big relief to mutual fund investors.

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NPS can invest in different assets

NPS subscribers can invest in different asset classes under this investment, which include- Equity (E), Government Bond (G), Corporate Bond (C) and Alternate Asset Class (A).

What are the new rules?

Till now NPS subscribers did not have the facility to choose multiple fund managers. Once the subscriber chose a pension fund manager, the money invested in different asset classes of NPS was managed by that fund manager. That is, one fund manager used to manage each asset, but now subscribers can choose different fund managers for each asset class.

These conditions have to be remembered

PFRDA has also put some conditions along with the new facility. Such as-

1. To use this facility, subscribers will have to opt for active choice for asset allocation and not auto mode.
2. This facility will not be available in alternate asset classes, only in equity, government security and corporate bond assets.
3. This facility will be available only in the existing All Citizen Model (Tier-I), NPS corporate model (Tier-I) and Tier-II (All subscribers) categories. That is, government employees having Tier-1 NPS account cannot avail this facility, they will get the benefit only if they have Tier-2 account.
4. New investors joining the scheme will be able to avail the facility of choosing multiple pension fund managers only after three months of registration.

How will it be beneficial?

For example, suppose you have chosen HDFC Pension Fund as the fund manager for your NPS investment and you invest in equity and bonds, then the same fund will be managing both your funds. But now you will be able to choose a different fund manager for equities and a different fund manager for bonds. The benefit of this will be that you will be able to choose a better fund manager according to your assets.

Facility to withdraw money in installments is available

PFRDA (Pension Fund Regulatory and Development Authority) had recently issued a circular, in which it was said that the subscribers will get the systematic lump sum withdrawal facility in a phased manner. Now subscribers can choose to withdraw 60 per cent of their pension corpus monthly, quarterly, half-yearly or annually till the age of 75 years.

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The Securities and Exchange Board of India (SEBI), the body that regulates the stock market, has simplified the rules for those holding securities in paper form. Under this, the provision of banning securities without PAN, KYC (Know Your Customer) details and ‘nomination’ has been removed.

SEBI said in a circular that the purpose of this initiative is to simplify the rules. This step will come into effect with immediate effect. This decision has been taken after receiving suggestions from Registrar Association of India and investors.

Signature was mandatory

Under the rules, it was mandatory for all those holding securities in physical form in listed companies to provide signature for PAN, nomination, contact details, bank account details and the respective ‘folio’ number.

SEBI had in May said that ‘folios’ in which any of such documents will not be available on or after October 1, 2023, are required to stop issue registration and ‘share transfer agents’ (RTAs). While amending the circular issued by the regulator in May, SEBI said that the word ‘freeze’ has been removed.

What did SEBI say

SEBI said, “On the basis of the report received from the Registrar Association of India, suggestions received from investors and ban on shares under the Benami Transactions (Prohibition) Act, 1988 and or Anti-Money Laundering Act and related matters.” …to reduce administrative challenges, it has been decided to abolish the above provision.

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In a relief to holders of physical shares, market regulator SEBI has done away with the requirement of freezing these without PAN, KYC details and nomination. Securities and Exchange Board of India ( SEBI ) issued a circular regarding this. According to this circular, this step has been taken with the aim of simplifying the rules and it will come into effect immediately.

This decision has been taken after receiving feedback from Registrar Association of India and investors. Under the rule, it was mandatory for all holders of physical shares of listed companies to furnish PAN, nomination, contact details, bank account details and specimen signatures for their respective folio numbers.

SEBI had said in May that folios whose details are not available after October 1, 2023, will be frozen by the Registrar of Issue and Share Transfer Agents (RTAs). Amending the circular issued in May, SEBI said that the reference to the word freeze has been removed.

Why did SEBI change the rules?

SEBI said that they have taken this decision to make share trading easier. After the change in this rule, the unexpected challenges faced by investors will be reduced to a great extent. When folios were frozen, investors had to face many problems. SEBI has taken this decision after suggestions received from investors.

SEBI had issued a circular in May this year. In this circular he had removed the reference ‘freezing/frozen’. The decision was taken after consultation and feedback from the Registrar Association of India and investors.

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This makes it easier to live the Golden Age and not have to rely on children for one’s wishes. Different types of plans and schemes are available under which regular pension can be availed. One of these schemes is SBI Life’s Annuity Deposit Scheme .Under this scheme, the income i.e. pension amount depends on investment.

Under this, the investor gets income in the form of EMI every month in return for lump sum investment. Policyholders can invest as per their convenience. Later, both the principal and interest are returned in the form of monthly annuity. Through this, pension is available throughout life.

There are different types of annuity deposits. Under Periodic Annuity, investors get regulated income. You can opt for annual or monthly annuity payouts. Any person in India can avail the benefit of this scheme. Opening of joint account is also allowed. This can be invested for 3/5/7/10 years. Term deposit rate is also effective on this. There is no limit for maximum investment. Loan benefit is also available.

Term deposits of 5-10 years get the highest interest, general citizens get 6.25% and senior citizens get 7.25%. If a person starts investing at the age of 18 and deposits Rs 500 every month. So he gets 5.4% return on investment. On attaining the age of 60, one gets a pension of Rs 1,432 every month. The more you invest, the pension amount will increase.

(Disclaimer: The purpose of this article is to share general information only. Rightsofemployees.com does not recommend investing in any plan or scheme.)

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It is this good habit of investing that has kept us Indians safe in difficult times like economic recession and has provided a sense of financial security to our families. But, while investing, it is very important for us to have correct and proper information about all the rules related to it.

One of these very important rules is related to the nominee of the investment. Recently SEBI has made changes in the rules related to information to be given in the event of death of the investor, which will come into effect from January 01, 2024. It is very important for all of you to know these KYC rules.

Information and verification process will become easier

SEBI has changed the rules to simplify the process of informing and verifying the death of an investor. Under this, the joint account holder, nominee, legal advisor or family member will have to do online or offline verification one day after receiving the death certificate and PAN number. After this, a copy of the nominee’s identity card, relationship with the deceased and contact details will have to be given. If for some reason all the necessary documents are not received after the intimation of death, then the KYC status of the investor will have to be put on hold.

What will happen in case of joint account?

The company will have to inform about the change in KYC and all the documents will have to be uploaded. Also, the facility of debit from the deceased account or portfolio will have to be stopped. In case of joint account, the account will remain active.

What will companies have to do?

The process of checking the documents entered in the system will have to be started. Also, information in this regard will have to be collected from people associated with the investor. After the death certificate is verified, the company will have to close the account completely and this information will have to be given to all the parties. If any deficiency is found in the papers, then changes in KYC will have to be made and this information will have to be given to the people related to the deceased.

What will the relatives of the deceased have to do?

On receiving the information of completion of KYC, they will not have to do any transaction related to the account of the deceased. If KYC status is stated to be on hold then they will have to provide other required documents.

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What is Reits and InviTs

Reits and InviTs work like Mutual Funds. In this, capital is raised from investors for real estate or infrastructure projects through bonds or securities. Both are means of investment pooling. The REIT portfolio comprises commercial projects such as offices, corporate parks and shopping malls. A large part of these projects are already leased ie pre leased.

Similarly, an InvIT includes projects related to transport, energy or communication. REITs allow small retail investors to invest in real estate properties and earn income through fractional ownership. Similarly, InvIT enables direct investment from individual and institutional investors in projects in the infra sector.

How is the performance so far

Since its launch in 2019, REITs have gained immense popularity among common investors. Despite the difficulties during this period in construction of commercial properties, offices, malls etc. due to adverse market conditions, REITs earned a steady income in the form of rentals during the Covid pandemic. Similarly, there is a vast scope of investment possibilities for InviTs as well.

IRB InvIT Fund was the first InvIT listed on the stock exchanges about six years ago in 2017, while Embassy Office Parks REIT was the first real estate investment trust to be launched in 2019. There have been four REIT listings in the Indian market so far, and there are around 21 listed and unlisted REIT funds. At the beginning of this year i.e. 2023, the value of total assets under InvITs and Reits registered with SEBI was more than 13.5 trillion.

What are these changes of SEBI

Under the amendment in the rules, SEBI has now given nomination rights to the unit holders of InvITs and Reits on the board of the trust. Along with this, the concept of Self-sponsored investment managers has been introduced by changing the minimum unit holding rules for the sponsors of these trusts. Follow-on offers of REITs and InvITs are also being considered and the time taken to process their public listing has been reduced from 12 days to six days.

Why these changes are important

The purpose of these changes made by SEBI is to make the operations of InvITs and Reits more systematic and smooth by improving corporate governance. Along with this, retail unit holders will get an opportunity to express their views about their rights.

The principles of the “Stewardship Code” will now apply to all unit holders (having 10% or more units), thereby increasing accountability of the management. Sponsors will also now have to hold a minimum number of units for the entire period of the REIT or InvIT. Under the new rules, self-sponsored investment managers can now take over the responsibility of REIT sponsors and facilitate the latter’s exit from investments.

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The interest rates of bank fixed deposits have been increasing continuously since last year, due to which the tendency to invest in FDs has increased rapidly. The latest FD rate of Suryoday Small Finance Bank is giving the highest interest rate to the investors, which will increase the profit of the investors. The bank has announced the revision of FD interest rates.

Suryoday Small Finance Bank (SSFB) offers an opportunity to invest in FDs with tenures ranging from 7 days to 10 years. The bank has changed the interest rates on fixed deposits on select tenures, under which it has been announced to give an interest rate of up to 9.1 percent to investors. The bank is making the new interest rates effective from today i.e. 7 August 2023.

Suryoday Small Finance Bank new FD rates

Under the new interest rates of Suryoday Small Finance Bank, interest is being given to the general public at the rate of 4.00 percent to 8.60 percent on the tenure of 7 days to 10 years. At the same time, senior citizens are being given interest at the rate of 4.50 percent to 9.10 percent on FDs with maturity ranging from 7 days to 10 years. Suryoday Small Finance Bank said that investors can deposit less than Rs 2 crore on all tenures.

• 6.00% interest rate for general customers and 6.50% interest rate for senior citizens investing on tenure of more than 9 months to less than 1 year.
• 8.25% interest rate for general citizens and 8.75% for senior citizens investing on tenure of 1 year to 15 months.
• 7.25% interest rate for citizens investing for 5 years to 10 years and 7.75% for senior citizens.
• 8.25% interest rate for general citizens and 8.75% for senior citizens investing for 5 years.
• The highest interest rate of 8.60 percent has been offered to general citizens and 9.10 percent to senior citizens on tenure of more than 2 years to 3 years.

How safe is it to invest in a small bank?

According to RBI rules, FDs up to Rs 5 lakh are insured in small finance banks, which the customer gets without loss if the bank collapses. However, before investing more than this amount, it is better to check the risk appetite of Small Finance Bank.

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At present, a post office scheme is proving to be a big hit among investors. This post office scheme is getting strong returns on investment of 5 years. The government has also increased the interest on it for this quarter. Investors are getting 6.5 percent interest in this post office scheme. We are talking here about getting a hefty return on investment for another 2 years in the Post Office Recurring Deposit (RD) scheme of the Post Office.

You will get so many lakhs on the investment of 10 thousand

Let us tell you that according to the post office RD scheme, if an investor invests Rs 10,000 every month in this scheme, then he will get Rs 7,10,000 after 5 years. He will deposit Rs 6 lakh in five years and will get Rs 1 lakh 10 thousand as interest.

Money has to be deposited by this date

If you open RD account in post office between 1st to 15th then you have to invest by 15th of every month. On the other hand, if the account is opened on the 15th, then after the 15th the money will have to be deposited by the end of the month.

The new interest rates have come into effect from July 1.

The new post office interest rates have come into effect from July 1. The benefit of annual interest is available in this scheme. However, it is calculated on a quarterly basis. The government fixes its interest rates at the beginning of every quarter. The post office recurring deposit scheme is for 5 years. It can then be extended for another five years.

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In this era of high interest rate, small savings schemes ie Small Savings Schemes are a better and attractive option. But, now the government has decided to keep an eye on those investing in such schemes. Actually, the central government has taken such a step to avoid any kind of money laundering and terrorist financing activities. This is the reason why it is mandatory for India Post to complete various types of documentation regarding investment in these schemes.

This information has been given in a recently released circular. According to this circular, customers opening accounts in India Post will be divided into three categories. These are divided into three categories – low, medium and high risk categories.

Which investors in which category?

Those investors will be included in the low-risk category, whose maturity amount of investment or certificate is Rs 50,000 or less or they have balance up to Rs 50,000 in their existing savings account. Investors investing between Rs 50 thousand to Rs 10 lakh will be included in the medium-risk category. Whereas, those investors will be in the high-risk category, who have invested more than Rs 10 lakh in these schemes.

Investors of all three categories will have to submit 2 passport size photographs, one self-attested copy each of Aadhaar card and PAN card. If the home address is not the current address, investors will have to submit any one of the 8 types of documents. These documents are documents like driving license, utility bills. In case of joint holders, KYC of both the investors will be completed.

It will be mandatory to give income proof

It will be mandatory for high-risk category investors to secure the source of funds. In this, bank statement, income tax return, succession certificate, proof of gifts or sale, will or any such document that can know the source of the invested amount. If the depositor is a minor, then KYC and income proof of the Guardian will also be required.

It will be mandatory for low-risk depositors to complete KYC every 7 years, medium-risk category depositors every 5 years and high-risk category depositors every 2 years.

Who needs to submit Aadhaar-PAN

Existing depositors of India Post will have to submit a copy of their Aadhaar before 30 September 2023. If the depositors have not submitted the copy of PAN, then the copy of PAN will have to be submitted within two months of the completion of any of the conditions mentioned below.

If his account balance is more than Rs.50,000, if the aggregate amount of all his bank accounts exceeds Rs.1 lakh in any one business year or the transfer or withdrawal amount from his account in any one month is more than Rs.10,000. If this depositor does not submit these documents, then his account will be closed.

Postal authorities have been given the responsibility of reporting cash transactions of Rs 10 lakh or more. Apart from this, responsibility has also been given to report cash transactions of Rs 10 lakh or less every month from time to time.

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This defense company has tied up with American company GE Aerospace. Together the two companies will make the engine of the fighter jet Tejas MK II. This announcement has been made during PM Narendra Modi’s first state visit to America.

GE Aerospace has been operating in India for the last 4 decades. The company is engaged in Engines, Services, Engineering, Manufacturing and Local Sourcing etc. As per this agreement, GE Aerospace will jointly produce the F414 engine in India. Prior to this agreement, GE Aerospace had said that it would make 99 engines for the Indian Air Force. It is part of the LCA Mk2 programme.

On Friday, the company’s share price closed at Rs 3,640.20 on the BSE, down 3.28 per cent. During the last one month, the company’s share prices have seen a rise of more than 21 percent. At the same time, the investors who would have placed bets in HAL a month back would have gained more than 43 percent by now.

During the last one year, the company’s share prices have seen a rise of more than 100 percent. The company’s 52 week high is Rs 3950 per share and 52 week low is Rs 1718 per share on BSE.

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Some banks are offering investors close to 10 percent interest on recurring deposits. In this case, this opportunity can prove to be better for those investors who are looking for safe investment options.

Let me tell you, the reason behind the increase in the interest rates of FD and RD in the last one year is the increase in the repo rate by the RBI. In the last one year, the repo rate has increased from 4.40 percent (May 2022) to 6.50 percent.

How much interest are banks paying on RD in 2023?

Suryoday Small Finance Bank (SSFB)

On behalf of Suryoday Small Finance Bank (SSFB), senior citizens are being given 9.6 percent interest on five-year RD, while it is 9.1 percent for general investors.

Unity Small Finance Bank

Senior citizens are given 9.5 percent interest on 1001 days RD of Unity Small Finance Bank and 8.15 percent interest is being given for five years. At the same time, general investors are given 9.1 percent interest on 1001 days RD and 7.65 percent interest on 5 years RD.

Interest on RD in State Bank of India

Senior citizens are getting 7.5 percent interest rate on 5-year RD from State Bank of India, while 6.6 percent interest is being given to general investors.

Interest on RD in HDFC Bank

Senior citizens are being given 7.5 percent interest on five-year RD by HDFC Bank. At the same time, the bank is offering 7 percent interest to other investors. Apart from this, 7.75 percent interest is being given to senior citizens on FDs of 7.5 years and 10 years.

Interest on RD in ICICI Bank

On behalf of ICICI Bank, 7.5 percent interest is being given to senior citizens on RD for five years. At the same time, 6.9 percent interest is being given by the bank to other investors.

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Earlier the bank had launched this FD scheme for a fixed period and it was valid from 15 February 2023 to 31 March 2023. Premature and loan facilities are also included in Amrit Kalash Deposit.

According to the SBI website, the bank has re-launched the Amrit Kalash Deposit Scheme with a special tenure of 400 days. The deadline for investment in this FD scheme will be from 12 April 2023 to 30-June-2023. General and senior citizens are being given the opportunity to invest on FD investment. However, the interest rate has been fixed separately for both the categories.

SBI Amrit Kalash Interest Rate

Investors can invest less than 2 crores in the SBI Amrit Kalash Deposit Scheme with a tenure of 400 days. According to SBI, 7.10 percent interest rate will be given to ordinary citizens investing in Amrit Kalash Deposit Scheme, while 7.60 percent interest rate will be given to senior citizens.

How interest will be paid to the investors

Interest is paid to the investors of SBI Amrit Kalash at monthly, quarterly and half-yearly intervals. On maturity of SBI Amrit Kalash, the interest amount after deducting TDS will be added to the customer’s account. Premature and loan facilities are also included in Amrit Kalash Deposit.

SBI FD Interest Rates

State Bank of India offers regular citizens an interest rate of 3% to 7% on FD investments for tenures ranging from 7 days to 10 years. The interest rate offered under the “SBI V-Care” deposit scheme for senior citizens ranges from 3.5% to 7.50% including an additional premium of 0.50%.

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Now investors will be able to complete the nomination work by September 30, 2023. Earlier, the deadline for nomination was ending on March 31. SEBI had issued a circular in July 2022 informing that in case of non-completion of nomination by March 31, investors may suffer huge losses.

Complete the nomination work by September 30, 2023

SEBI issued a notification on March 28, 2023, telling mutual fund investors that as per the circular in June and July 2022, the deadline for completion of nomination in all single and joint mutual funds was March 31, 2023, which has now been extended to September 30. Is. Now investors will get time till September, 2023 to complete the nomination work. In case of not doing so, the account will be frozen. Along with this, SEBI has also extended the nomination deadline for demat and trading accounts to 30 September.

Actually, SEBI is insisting on mutual fund investors to complete the nomination because if a mutual fund investor dies before the maturity of the scheme, then in such a situation there is no way to transfer his assets to someone else. Don’t be in trouble

How to add nominee in mutual fund?

You can do the work of mutual fund nomination both online and offline.
To complete the nomination through online mode, visit the official website of your mutual fund.
Here you will see the option to add nomination. By clicking on this, complete the work of nomination.

PAN Aadhaar linking deadline extended

On Tuesday, the central government also extended the deadline for linking PAN with Aadhaar. Now taxpayers will be able to link their PAN with Aadhaar till June 30, 2023. To give information on this matter, the Finance Ministry issued a press release saying that in order to give taxpayers a little more time, the deadline for linking PAN and Aadhaar has been extended from March 31 to June 30, 2023.

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Let’s know what are those rules, which are going to change…

The first of these four rules is about Mutual Fund nomination. Existing investors of the mutual fund have time till March 31 to opt out or name the nominee by submitting a declaration form. Failure to do so will result in closure of investors’ accounts. Investors who do not do this, their investment will be banned. Investors can give these declarations online on the sites of Registrars and Transfer Agents (RTAs)- KF intech and CAMS or Mutual Fund Central.

Let us tell you that this process can be more challenging for joint accounts. “Joint holders who have not updated their contact details are required to submit the filled in documents. “It is even more challenging in case of a joint holder who is an NRI,” says Chennai-based MF distributor Mahesh Mirpuri. Let us tell you that if you have invested through demat account, then you will have to update your nominee details with your brokerage.

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Prior to this, the merger has received necessary approvals from the Central Reserve Bank (RBI), Securities and Exchange Board of India (SEBI), shareholders of HDFC and HDFC Bank, Pension Fund Regulatory and Development Authority (PFRDA) and Competition Commission of India. Apart from this, No Objection Certificate (NOC) has also been received from both the stock exchanges.

$ 40 billion deal: Let us tell you that the HDFC-HDFC Bank merger was announced on April 4, 2022.This is one of the few mega mergers in the corporate history of India. With this acquisition deal of about $ 40 billion, a large company in the financial services sector will come into existence. The combined asset base of the proposed entity will be around Rs 18 lakh crore.

Upon completion of the deal, 100 percent of HDFC Bank will be held by public shareholders, while existing shareholders of HDFC will hold 41 percent of the bank. This is the second such merger in the banking sector. Earlier in October 2001, ICICI Limited had done a similar merger with its banking arm ICICI Bank.

What’s up with the stock: HDFC Bank’s share price is at ₹1572 on the last trading day of the week. The share price has increased by 1.36% compared to a day ago. Similarly, the stock of HDFC also gained momentum and it rose by 1.14% to the level of Rs 2561.

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how much can invest

SBI Sarvottam Term Deposit is a special FD scheme. To take advantage of this, the retail investor will have to invest at least Rs 15 lakh. At the same time, a maximum investment of less than two crore rupees can be made in it. In this, two options of 1 year and 2 years are given by the bank for the investment period. The special thing is that in SBI Best Term Deposit, investors are not given the option of renewable and on maturity the amount is credited to the customers’ accounts.

Explain that in this FD, additional interest rate is also being given to senior citizens, employees, senior citizens.

SBI Best Term Deposit Interest Rate

In this scheme, the bank is giving an interest rate of 30 basis points from the card rate for one year FD and 40 basis points for two years. In this way, if a general investor gets a one-year FD, then he is given an interest of 7.1 percent and senior citizens 7.55 percent. At the same time, 7.40 percent interest is being given to general investors and 7.90 percent to senior citizens on two-year FDs.

Interest rate on normal FD in SBI

In SBI, interest ranging from 3.00 percent to 7.00 percent is being given on normal FDs ranging from 7 days to 10 days. At the same time, interest ranging from 3.50 percent to 7.50 percent is being given to senior citizens.

What is a non-callable deposit?

A non-callable deposit is a deposit that cannot be withdrawn before maturity. If it is withdrawn before the completion of maturity, then you are charged a penalty.

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How much can invest

SBI Sarvottam Term Deposit is a special FD scheme. To take advantage of this, the retail investor will have to invest at least Rs 15 lakh. At the same time, a maximum investment of less than two crore rupees can be made in it. In this, two options of 1 year and 2 years are given by the bank for the investment period. The special thing is that in SBI Best Term Deposit, investors are not given the option of renewable and on maturity the amount is credited to the customers’ accounts.

Explain that in this FD, additional interest rate is also being given to senior citizens, employees, senior citizens.

SBI Best Term Deposit Interest Rate

In this scheme, the bank is giving an interest rate of 30 basis points from the card rate for one year FD and 40 basis points for two years. In this way, if a general investor gets a one-year FD, then he is given an interest of 7.1 percent and senior citizens 7.55 percent. At the same time, 7.40 percent interest is being given to general investors and 7.90 percent to senior citizens on two-year FDs.

Interest rate on normal FD in SBI

In SBI, interest ranging from 3.00 percent to 7.00 percent is being given on normal FDs ranging from 7 days to 10 days. At the same time, interest ranging from 3.50 percent to 7.50 percent is being given to senior citizens.

What is a non-callable deposit?

A non-callable deposit is a deposit that cannot be withdrawn before maturity. If it is withdrawn before the completion of maturity, then you are charged a penalty.

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Over 15 lakhs invested in SBI Sarvottam FD

SBI has launched SBI Sarvottam Fixed Deposit scheme for retail and wholesale investors and its deposit tenure is only 1 year and 2 years. The minimum amount of investment under this scheme is Rs 15 lakh in the retail sector. At the same time, renewal facility is not provided in SBI Sarvottam FD and after maturity the amount will be deposited directly into the investor’s account.

Higher rate of interest to these investors including senior citizens

Senior citizens, employees, employees for investment in SBI Best FD will be able to get additional rate of interest to senior citizens as compared to general public.

These people will not be able to invest in SBI Sarvottam FD

There is a change in eligibility for investors in SBI Sarvottam FD. Minors and NRI customers are not eligible to invest in this scheme. Along with this, NRI senior citizens, NRI employees are also not eligible for investment.

SBI best FD interest rate 7.90 percent

Under SBI best FD, the bank offers 30 bps on the card rate for a tenure of 1 year and 40 bps on the card rate for a tenure of 2 years. According to the bank, on investing an amount of more than Rs 15 lakh and less than Rs 2 crore for 1 year, ordinary citizens will get 7.10 percent interest rate, while senior citizens will be given an interest rate of 7.55 percent. At the same time, for a period of 2 years, 7.40 percent interest will be given to general customers and 7.90 percent interest to senior citizens.

Maximum 7.5 percent interest on SBI’s regular FD.

Looking at the interest rates on other regular FDs of SBI, for a period ranging from 7 days to 10 years, it gives an interest rate of 3 percent to 7 percent to general citizens and 3.5 percent to senior citizens. Gives interest rate between percent to 7.5 percent. These interest rates are applicable from 15 February 2023.

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This scheme is specially made for senior citizens. The name of this scheme is Pradhan Mantri Vaya Vandana Yojana and this scheme was launched by Life Insurance Corporation of India (LIC) on May 4, 2017. This scheme is going to close in the financial year 2023-24 and investors can get a pension of Rs 18,500 per month.

If you want to invest in this scheme, then the maximum investment limit for this scheme is Rs 15 lakh and investors can invest in it for a total of 10 years. The amount invested is safe, and LIC will return the principal amount after maturity. The plan also provides the facility of early closure of the policy. Pension facility is available according to the amount invested and investors can choose the option of pension withdrawal according to their needs.

Explain that as people approach their retirement age, and after retirement, their financial stability and maintenance concern becomes paramount. Even if the source of income ends, the expenses remain the same or even increase. To address this concern, the government is launching various pension schemes to provide social security to senior citizens. One such scheme is the Pradhan Mantri Vaya Vandana Yojana, which is available for investment only till March 31, 2023.

No need for medical test

This scheme allows investors to receive pension on a monthly, quarterly, half-yearly or yearly basis. To take advantage of this scheme, investors do not need to undergo any kind of medical test. If an investor is suffering from any serious illness, then he can withdraw money before maturity. They can withdraw money for their spouse or take a loan against the policy after three years of purchasing the policy. In case of death of the policyholder before the maturity of the plan, the invested amount will be given to the nominee.

Both husband and wife can invest

One special thing about this scheme is that both husband and wife can invest in it. Together, they can invest up to Rs 30 lakh, and they will get a pension of Rs 9,250 per month for an investment of Rs 15 lakh. If both husband and wife invest in the scheme, they will get a pension of Rs 18,500 every month. Application for this scheme can be submitted by visiting the official website or any branch of LIC. Only people above 60 years can invest in it.

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If you are a senior citizen, then today we have brought such a government scheme for you, from which you will get a hefty pension immediately. In this your principal money remains safe and returns are also available at regular intervals.

The best part is that under this government scheme, both husband and wife together after the age of 60 can avail the guaranteed benefit of pension of Rs 18500 every month. Thek best part is that after 10 years your entire investment will also be returned. Only a few months are left for senior citizens to invest in Pradhan Mantri Vaya Vandana Yojana (PMVVY). SIC operates this scheme.

In the PMVVY scheme, the government provides a subsidized pension scheme for senior citizens aged 60 years and above. Under this scheme, immediate monthly, quarterly, half-yearly or annual pension facility is given to senior citizens. Investors have to pay a lump sum of Rs 15 lakh to take advantage of this scheme.

Deadline is March 31, 2023

Any person who has attained the age of 60 years can invest in this scheme till March 31, 2023. With only a few months left for the PMVVY sale to end, let’s take a look at how much benefits, eligibility and how much pension senior citizens can get by subscribing to this scheme.

Eligibility for PMVVY

According to the LIC website, senior citizens of India aged 60 years (completed) and above can invest in the PMVVY scheme. There is no upper age limit to buy this plan.

PMVVY Scheme Term and Pension Payment

The duration of this scheme for senior citizens is 10 years. Pension payment under PMVVY can be made on monthly, quarterly, half yearly or yearly basis depending upon the mode chosen by the buyer. The first installment of pension under PMVVY starts after 1 year, 6 months, 3 months or 1 month from the date of purchase of the scheme. For example, if you have opted for monthly mode of pension payment and if you buy the plan now then your pension will start after 1 month.

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

Interest Rate on PMVVY

“For Financial Year 2022-23, the Scheme shall provide an assured pension of 7.40% p.a. payable monthly. This assured rate of pension shall be payable for the full policy term of 10 years for all the policies purchased till 31st March, 2023.”

PMVVY Pension Purchase Price

The minimum pension allowed under investment in PMVVY is Rs 1000 per month while the maximum pension is Rs 9250 per month. The minimum purchase price available under the scheme is Rs 1,62,162 for monthly pension, Rs 1,61,074 for quarterly pension, Rs 1,59,574 for half yearly pension and Rs 1,56,658 for annual pension. The maximum purchase price available under the scheme is Rs 15 lakh for monthly pension, Rs 14,89,933 for quarterly pension, Rs 14,76,064 for half yearly pension and Rs 14,49,086 for annual pension.

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According to Section 80C of Income Tax, a PPF account holder can get this tax exemption. However, a maximum exemption of Rs 1.50 lakh will be available annually on a financial year. PPF is among some of the lowest risk schemes offering better returns to the investors.

Government pays 7.1 percent interest on PPF

The government is giving a return of 7.1 per cent on PPF. The interest rate of PPF is subject to change every quarter as per the instructions of the government. That is, after every three months, the government decides the interest received on the savings scheme scheme. If we look at its past trend, then the interest rates on PPF are going to remain at 7.1 per cent or above.

This is how you can become a millionaire

At the age of 25, if you start investing Rs 5000 every month in PPF, then your annual investment will be Rs 60,000. You will earn an interest of Rs 7,27,284 in 15 years at 7.1% interest rate. Your total investment in 15 years will be Rs 9,00,000. Maturity of 15 years means when you will be 40 years old then you will get Rs 16,27,284.

This is how PPF can make a millionaire

However, if you maintain this investment of Rs 5,000 per month for 37 years, you will get a return of Rs 83,27,232 on a total investment of Rs 22,20,000. You will get Rs 1,05,47,232 on maturity. As mentioned earlier, the maximum maturity period of PPF is 15 years. If you want to extend it up to 37 years, you need to fill Form 16-H, Renewal Form at the end of 15th, 20th, 25th, 30th year. Your PPF account will be renewed after this.

Many benefits are available on PPF

The government decides the rate of interest on PPF. Up to Rs 1.5 lakh can be invested in this scheme. Investors investing in PPF get tax benefits in three ways. Apart from the benefit of tax deduction on the money invested in PPF, there is no tax on the interest and maturity amount.

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Yes Bank’s special FD scheme is for investment of less than 2 crores. The tenure of this scheme ranges from 20 months to 22 months. Retail investors will get an annual interest rate of 7.25 percent on investment in this scheme.

On the other hand, senior citizens will get an interest of 7.75 percent on investing under this scheme, which is going to beat the current rate of inflation. Let us tell you that at present, there are very few FD schemes, which are offering inflation-beating returns to their investors.

Meanwhile, the shares of Yes Bank closed at Rs 16.00, down 0.93 per cent on the NSE today i.e. on Wednesday, October 12. The company’s shares have gained about 13.88 percent since the beginning of the year 2022. At the same time, its price has increased by about 20.75 percent in the last one year.

HDFC Bank also increased the interest rate on FD

Private sector lender HDFC Bank has increased interest rates on fixed deposits (FDs) of less than Rs 2 crore. According to the information available on the official website of the bank, the new rates have come into effect from October 11.

The bank has increased the interest rates on fixed deposits (FDs) by up to 0.75 percent. This is the second time in the last two months that the bank has increased the rates of FDs. Now investors making fixed deposits in HDFC Bank for tenures ranging from 7 days to 10 years will get interest between 3 to 6 percent. At the same time, this interest rate for senior citizens will be 3.50% to 6.75%.

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SCSS investors can also claim tax benefits under Section 80C of the Income Tax Act, 1961. However, recently, the government faced some problems in pre-closure of Senior Citizens Savings Scheme accounts by the operating agencies.

The Finance Ministry has now come up with a clarification regarding pre-closure of SCSC. The Finance Ministry said, “In the operation of Senior Citizen Savings Scheme (SCSS), in certain cases of death of the account holder, it has been observed that the operating agencies may treat the SCSS account as ‘premature closure'”. have been.’ The Finance Ministry has issued a clarification to this citing Rule 7(2) of SCSS.

“In cases where the SCSS account holder dies and the account is being closed at the request of the legal heir, the rate of interest applicable to the SCSS scheme will be paid till the date of death of the account holder,” the ministry said. Thereafter, the interest rate applicable on the Post Office Savings Account shall be paid from the date of death of the account holder till the date of last closure of the account.’ The ministry further said that the premature closure clause does not get triggered due to the death of the SCSS account holder.

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Company’s ECLGS loan approved

Earlier, news agency PTI, quoting sources, had told on September 2 that under the ECLGS credit guarantee scheme of the central government, the company would get an amount of Rs 225 crore. SpiceJet Chief Flight Operation Gurcharan Arora said that the loan under the ECLGS Credit Guarantee Scheme of the Central Government has been approved. We have got its first installment. However, he did not say how much money the company got in this.

The ECLGS Credit Guarantee Scheme was started by the Central Government in May 2020 to help companies at the beginning of the Corona epidemic. Under this, companies are given a rebate of 7 percent on the interest of the loan.

SpiceJet going through financial crisis

SpiceJet is facing continuous financial crunch. The company is in talks with investors and banks to address its financial crisis. According to the results announced by the company for one year, there was a loss of Rs 789 crore in the June quarter, which was a loss of Rs 458 crore in March 2022.

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Asset Management Companies (AMCs) will have to provide the option of nomination form or declaration form in physical or online mode as per the requirement of the investor. Under the physical option, the form will have the investor’s signature, while in the online form, the investor will be able to use the e-sign facility.

If an Asset Management Company (AMC) wants to provide the facility of online submission to its customers, then its validation will have to be done through Two-Factor Authentication (2FA). One of these factors will be mandatory to have a One Time Password (OTP) sent to the customer’s registered mobile number or email.

This rule was to be effective from August 1

These new rules, which are being implemented from 1 October, were to be implemented from 1 August 2022, but in August this deadline was extended till 1 October 2022. In July, market regulator SEBI had stayed the implementation of rules related to nominee details for mutual fund holders. Due to which the mutual fund investors were not getting the option to nominate or come out of the nomination.

The nomination form or opt-out declaration form will be verified in two stages by the asset management companies. OTP will come on the registered e-mail or mobile phone number of the investor. Therefore, the investor should check his registered mobile number or e-mail once again.

SEBI has implemented this rule to bring uniformity in the rules related to all investment options of the security market. In 2021, SEBI had also provided such an option to investors opening new trading and demat accounts. Apart from this, SEBI had issued an operational circular for better regulation of the corporate bond market and to give access to all applicable rules to all issuers and other stakeholders at one place.

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Claim filing date extended

Actually, SEBI has extended the last date for submission of original documents from June 30 to August 31. In fact, many investors were unable to submit their documents till June 30 and were demanding extension of the date. After this SEBI has taken this step. However, this time SEBI has made it clear that this is the last chance to submit the documents.

Who will get benefit?

According to the information given by SEBI, the refund window is open only for those investors whose claim amount is from Rs 10001 to Rs 15000. Their application has also been verified. With this, let us tell you that SEBI has issued an alert saying that investors should not give investment documents to anyone in the Pearls scheme. So all the investors should register their claim before 31st August 2022.

Send your documents to this address 

Only those investors of Pearls to whom SMS has been sent after verification can claim for refund. Send the original documents through Registered Post or Speed ​​Post to SEBI Bhawan, Plot No.C4-A, ‘G’ Block, Bandra-Kurla Complex, Bandra (East), Mumbai –400051. You must write the PACL certificate number on the envelope to be sent to this address.

It is mandatory to send these documents 

1. Copy of PACL certificate
2. Copy of PAN card Receipts (if any) of PACL
3. Copy of canceled check
4. Banker’s certificate
5. PAN card copy
6. Passport size photograph 

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Union Minister of State for Finance Pankaj Choudhary said on Monday that around 13 crore investors worth Rs 1.12 lakh crore are stuck in various units of Sahara Group. Union Minister Pankaj Chaudhary gave this information in a written reply to a question in Lok Sabha.

Where are investors’ money?

Giving this information, the Union Minister said, “Following the orders of the Supreme Court and after consultation with Justice BN Agrawal appointed by the apex court in the Sahara case, the Securities and Exchange Board of India (SEBI) has given several advertisements telling investors to withdraw money. What is the process of application for. 1.12 lakh crore rupees of about 13 crore investors are trapped in many units of Sahara.

SEBI imposed fine

Let us tell you that earlier, the market regulator SEBI has approved two companies of Sahara Group, Sahara Commodity Services Corporation Ltd. and Sahara Housing Investment Corporation Ltd. Along with Subrata Roy and three others were fined Rs 12 crore. The penalty was imposed in 2008 and 2009 for violation of regulatory norms in issuance of voluntarily fully convertible debentures. Apart from this, investors of Sahara India Parivar have also held protests for their refunds at different places continuously this year. Actually, crores of investors in the country are worried about the refund of money stuck in Sahara.

How many refunds have you received so far?

The Supreme Court ordered on August 31, 2012, after which Sahara India has deposited Rs 15,503.69 crore in ‘SEBI-Sahara Refund’ account till December 31, 2021, against the principal amount of Rs 25,781.37 crore deposited from investors. According to the information given by the Minister of State for Finance, SEBI has received 19,644 applications related to 53,642 original bond certificates / pass books for a total principal amount of Rs 81.70 crore. Of these, SEBI has refunded 48,326 original bond certificates/passbooks to 17,526 eligible bondholders totaling Rs 138.07 crore.

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The committee gave information 

The Lodha Committee has said that the CBI had handed over to them luxury vehicles like Rolls Royce, Porsche Cayenne, Bentley and BMW 7 Series along with 42,950 property papers owned by PGF and PACL company. On the other hand, according to the government data, the Lodha Committee has so far received refund claims of 1.5 crore investors investing in Pearl Agro Corporation Limited, PACL and its subsidiaries. That is, a long list of claimants has reached the government. Let us tell you that the last date to claim is 31 August.

The committee was formed in 2016

It is noteworthy that the Lodha Committee was constituted by the Supreme Court in 2016, which has recovered Rs 878.20 crore by selling the properties of PACL and its associated entities. The recovery made by the committee also includes Rs 86.20 crore received from the auction of 113 properties of PACL. The committee has taken recovery action from companies of Australia-based Pearls Infrastructure Projects. The committee has made recovery of Rs 369.20 crore by the company. For this, a claim was filed by SEBI in the Federal Court. After which this action was taken.

government is recovering 

Apart from this, the committee had raised Rs 308.04 crore by freezing the accounts of PACL and its subsidiaries. The government also raised about Rs 98.45 crore from the company’s fixed deposits. 15.62 crore has been raised by selling 75 luxury vehicles of the company. At the same time, Rs 69 lakh has been collected from six documents related to the assets of the company. That is, the government is running money from one place.

Know what is PACL scam? 

It is worth noting that PACL is also known as Pearl Group. The group had raised about Rs 60,000 crore from common people through businesses like agriculture and real estate, which were raised illegally over the course of 18 years. But at the time of return, the company backed out. After that SEBI intervened to return the money to the investors and the matter reached the Supreme Court.

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