MoneyLife reports the District Consumer Disputes Redressal Commission of North 24 Paraganas, West Bengal has asked Sahara Credit Co-Operative Society to return with interest, money invested by an investor in the company’s scheme.
The District Commission said since the SEBI was not connected with the investment, the case against the market regulator is dismissed.
On SEBI, the bench stated that the complainant had not sought any relief against the market regulator, which is also in no way connected with the complainant’s investment.
Sahara Credit Cooperative Society and its regional manager did not contest the case by filing any written statements. SEBI, which was also a party, filed its reply.
SEBI stated that it is processing the refund of the investors who had invested in debentures issued by Sahara India Real Estate Cooperation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) in terms of the direction of the Supreme Court.