Sahara refunds in limbo as SEBI sits on ₹21,505 crore corpus
Refund corpus continues to grow; SEBI makes no fresh payouts in FY26
More than eight years after the SEBI initiated the process to refund investors in the Sahara case, the capital market regulator currently holds a cash reserve of ₹21,505 crore, according to its latest annual report. SEBI has not issued any additional refunds for the fiscal year 2025-26. As of March 2026, the balance in the Sahara refund account surged to approximately ₹16,379 crore, up from ₹16,138 crore in FY25.
This balance represents the principal liability of ₹25,781 crore, with the remainder consisting of accrued interest in fixed deposits held across nationalized banks. The total fund balance, including interest, was assessed at about ₹21,505 crore as of March-end, after remitting ₹5,000 crore to the Central Registrar of Cooperative Societies for distribution to investors in Sahara Group's cooperative schemes.
The Sahara Group companies have filed a petition in the Supreme Court to sell the remaining assets to Adani Properties. SEBI submitted its response to the Supreme Court in January, stressing the importance of a transparent and fair property sale, subject to conditions set by the court. The matter remains pending before the Supreme Court.
Sonam Chandwani, Managing Partner at KS Legal & Associates, highlighted the urgency of establishing a clear timeline for dormant or disputed claims, as the current refund mechanism is indefinite without such a procedure. The Special Enforcement Cell, tasked with implementing Supreme Court directives for refunding Sahara investor funds, is under the supervision of retired Justice BN Agarwal.
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