Some officials from the Securities and Exchange Board of India (Sebi) will be commuting to Navi Mumbai for a while.
The stock market regulator has moved a few of its officials from its office in Bandra-Kurla Complex to premises in Navi Mumbai that it has taken up from the Stock Holding Corporation of India Ltd (SHCIL) in order to process the Sahara Group’s repayment.
Around 25 Sebi officials will be using the place for dealing with the documents, according to a person familiar with the matter.
“There was a need for a warehouse like place with maximum entry and exit points in order to deal with the truckloads as fast as possible. This would not have been possible in any place within South Mumbai, Central Mumbai or anywhere within the city,” he said.
SHCIL is said to have used the premises earlier for holding documents in physical form before dematerialisation took off.
The officials would use the premise for accepting documents from Sahara, identification of investors and ascertaining the amounts invested, said the source.
The Supreme Court had in August asked two Sahara group companies (Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited) to refund around Rs24,000 crore it collected from investors.
The companies were to submit all documents with details on investors within 10 days to Sebi, which was in charge of the refund process.
Sahara reportedly sent truckloads of paperwork containing details of 3 crore investors spread over 30 crore documents.