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PACL case: SEBI committee facilitates updating of mobile number

PTI | | Updated on: Jun 17, 2022

SMS alert to submit original certificates to claim refunds

A high-powered SEBI committee on Friday provided facilities to PACL investors to update details of their mobile numbers and enquire whether SMSs have been sent to them to submit original certificates.

The committee in April asked investors, who invested in illegal schemes of PACL, to submit their original registration certificates by June 30 only after receiving an SMS from the panel.

This was applicable only to those investors whose claim money is between ₹10,001 and ₹15,000 and whose applications were verified. The markets regulator had set up a committee headed by former Chief Justice of India RM Lodha following a Supreme Court order to refund money to investors in the matter of PACL Group.

PACL, also known as Pearl Group, 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 ₹60,000 crore through illegal collective investment schemes (CIS) over a period of 18 years.

According to a press release uploaded on SEBI’s web site, the committee has been receiving queries from investors regarding the non-receipt of SMS calling for original PACL certificates owing to a change of mobile number.

Published on June 17, 2022
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