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The regulatory body did not stop here. SEBI has ordered the seizure of all the accounts, even lockers, of the borrowers elsewhere. The regulator, Sahara India Real Estate Corp., had imposed a penalty of Rs 6 crore on Subrata Roy, Ashok Roy Choudhary, Dubey and Bharrgava last June.
The case started in 2008-09. When OFCDs were issued by Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to withdraw funds from the market. But Sebi says that certain rules were not followed while releasing it in the market. Because, in that case, the rules laid down by SEBI to protect the interests of customers have not been followed, the regulatory agency said.
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According to Sebi sources, the OFCDs that were issued to withdraw money from the market, were not warned in detail about the risks. However, as per SEBI rules, it is mandatory to warn the customer about the financial loss that may occur in such investments. So that the investor can decide to invest in it by understanding the risks and all the conditions. That is, so that there is no haze in all these cases.