What is the Status of PACL Case?

Securities Exchange Board of India (SEBI) unearthed that in the name of agriculture and real estate, PACL had raised Rs 60,000 crores through illegal Collective Investment Scheme (CIS) over a span of 18 years. Retired judge Justice R M Lodha panel had started the process of refunds for investors having a claim amount upto Rs 5,000. Approximately 4 lakh investors have received the refund but some investors did not receive their investments due to some error in applications. Hence SEBI had introduced a facility to help the investors in rectifying the errors in applications and view the status so that the process of refund can be initiated.

Aspirants would find this topic very helpful in the IAS Exam.

What is SEBI and What is the Main Role of SEBI?

Securities Exchange Board of India (SEBI) is a regulatory authority in India. The main role of SEBI is to protect the interests of investors in securities, regulate the securities market, regulate business in stock exchanges and working of stockbrokers. They also track and unearth unfair trade practices and prevent fraudulent practices.

When was SEBI founded?

SEBI was founded in 1992 under SEBI Act, 1992. It is headquartered in Mumbai. It has regional offices in the following cities.

1. New Delhi
2. Ahmedabad
3. Kolkata
4. Chennai

What are Some of the Major Achievements of SEBI?

Some of the major achievements of SEBI are listed below.

1. Made the markets electronically and paperless.
2. SEBI removed physical certificates that were susceptible to theft, forgery, and postal delays.
3. Took effective steps during the Satyam scandal and the global economic crisis.

The above details would help candidates prepare for UPSC 2021.

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