PACL must refund Rs. 49,000 cr raised through illegal investment schemes: SAT.

The Securities Appellate Tribunal (SAT) upheld the Securities and Exchange Board of India's (SEBI) directive requiring PACL to refund over Rs. 49,000 crore collected through unauthorized collective investment schemes. PACL's operations were found to be in violation of SEBI's Collective Investment Scheme Regulations due to the lack of regulatory approval. PACL could not substantiate the legitimacy of its business model, leading SAT to dismiss its arguments and affirm SEBI's order to wind up the schemes and return the funds to investors. .....

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