Over 2 million investors are owed over Rs 7,000 crore of funds in the now defunct Pancard Club schemes.
The idea of the Investors Action Forum Charitable was to guide the investors as to how they can get their money back and the necessary steps they have to take.
“We have been organizing such camps since August and will hold more such events across Maharashtra to enlist more investors,” said Vishwas Utagi, the convener of the trust. In May 2017, the Securities Appellate Tribunal (SAT) had ruled and upheld a Securities and Exchanges Board of India order (Sebi) that the money collected by Pancard Club was indeed an illegal collective investment scheme. But nothing has happened since then.
“We are telling people how to claim their money and how they should approach Sebi,” Utagi said, adding that the intention was to gather tens of thousands of investors and lead a rally to the Sebi office to ensure implementation of the order.
“The crux of the matter is that Sebi is ill-equipped to implement the order. The government must equip them to implement it fast,” Utagi said.
The authorities must attach the properties, recover money from the directors of Pancard Club and then repay the depositors, he added.
Vijay Gosavi, an investor, said, “We were told that we will have to make claims. Unless then, how will Sebi know who are the investors in these schemes? We will have to put pressure on Sebi to get the money back.”