Who Inherits Sahara's ₹25,000 Crore? Unveiling the Fate of Undistributed Funds 

By Babita Singh

Sahara Group's founder, Subrata Roy, left behind over ₹25,000 crore in undistributed funds with the share market regulator after his recent death.

The fate of Sahara's unclaimed funds is uncertain; questions arise about whether they will be refunded to the Consolidated Fund of India.

Despite Subrata Roy's demise, the Securities and Exchange Board of India (SEBI) is cautious about prematurely transferring the funds, citing an ongoing refund portal process.

The government has paid ₹230 crore to 2.5 lakh investors through the Sahara refund portal, and new registrations continue, delaying any potential transfer to the Consolidated Fund.

Money from the funds lying with SEBI has been transferred to the refund portal within 45 days of registration, following the launch of the portal by Union Co-operative Minister Amit Shah in July.

Subrata Roy's troubles began in 2012 when the Supreme Court directed Sahara companies to repay investors ₹25,000 crore to SEBI, leading to the use of co-operative societies to raise funds.

The government, acting under Supreme Court guidance, has transferred ₹5,000 crore from SEBI to investors through the Sahara refund portal, with potential for further transfers.

With 2.76 crore depositors, primarily retail investors, 97% of whom invested less than ₹40,000, the government records show a majority of investors were from Uttar Pradesh and Bihar.

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