Investors to protest against Sebi for refund of money 

ST Correspondent
Saturday, 9 September 2017

The first phase of the protest will take place from September 10 to 13. The second phase will continue after 15 days. There are 55 lakh such investors across India. According to Pancard Club, Sebi has already attached their properties and accounts. It is Sebi’s responsibility to sell these properties and refund investors’ money. 

Pune: The members of Rashtrashakti Investors Co-ordination Committee will launch a protest, ‘Ghantanad Aandolan’, against the Security Exchange Board of India (Sebi) at every Member of Parliament’s (MP) residence across Maharashtra for the loss suffered by the investors of Pancard Clubs Ltd due to the delay in refund.

The first phase of the protest will take place from September 10 to 13. The second phase will continue after 15 days. There are 55 lakh such investors across India. According to Pancard Club, Sebi has already attached their properties and accounts. It is Sebi’s responsibility to sell these properties and refund investors’ money. 

There was no announcement about the refund by Sebi for the past four months after the judgement given by the Securities Appellate Tribunal (SAT) to repay all debts of the 
investors.

Dnyaneshwar Darvatkar, President, Rashtrashakti Investors Co-ordination Committee, announced in a press conference that they would protest across Maharashtra. “Sebi’s auction is not transparent. 

“We do not trust the auction process. Hence, we demand that the government should take possession of all properties and refund investors’ money at the earliest,” Darvatkar said.

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