2021
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Question
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Odisha
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Maharashtra
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Uttar Pradesh
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Telangana
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Detailed explanation-1: -The registration of the Lucknow-headquartered company stands cancelled with effect from September 3, the RBI said. Sahara Group has been engaged in a long-running regulatory and legal battle with Securities and Exchange Board of India (Sebi) ever since the capital market regulator ordered refund by two Sahara entities.
Detailed explanation-2: -Sebi cancels Sahara India Financial Corp’s registration as sub-broker.
Detailed explanation-3: -New Delhi, Sebi on Monday ordered the attachment of bank and demat accounts of Sahara Group firm, its chief Subrata Roy and others to recover Rs 6.42 crore for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs).
Detailed explanation-4: -Facts of the case – The company had over Rs. 17, 656 crore during that period. In the guise of “Private Placement”, the amount was collected from about 30 million investors. This act was performed without complying with the requisites relevant to the public offerings of the securities.