PACL case: SEBI committee facilitates updating of mobile numbers.

SMS alert to submit original certificates to claim refunds.

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SEBI

On Friday, a high-powered SEBI committee gave PACL investors the ability to update their cell phone numbers and inquire about whether SMSs were sent to them to submit original certificates.

In April, the panel requested that investors who had invested in PACL’s illegal schemes submit their original registration certificates by June 30 only after getting an SMS from the panel.

This applied 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.

SEBI discovered that PACL, also known as Pearl Group, had raised more than 60,000 crore from the public in the name of agriculture and real estate businesses over 18 years through illegal collective investment schemes (CIS). According to a news release posted on SEBI’s website, the committee has been receiving inquiries from investors about the non-receipt of SMS messages requesting original PACL certificates due to a change of mobile number.

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