Sahara group has been engaged in a long-running regulatory and legal battle with Sebi.
The objective of Sahara Power Fund would be to invest "in equities and equity-related securities of companies engaged in the business of generation, transmission, distribution of power or in those companies engaged directly or indirectly in any activity associated with power sector", said the draft document filed with the market regulator SEBI.
The NBFC was registered on December 1998, with an office in Lucknow.
Sebi on Wednesday ordered the attachment of bank and demat accounts of Sahara Group chief Subrata Roy and three others to recover Rs 6.48 crore for violating regulatory norms by two group companies. The recovery proceedings have been initiated against these four persons for violating regulatory norms in the issuance of optionally fully convertible debentures (OFCDs) by two group companies. Apart from Sahara, others whose bank and demat accounts were attached are Ashok Roy Choudhary, Ravi Shanker Dubey and Vandana Bharrgava.
SEBI said it has cancelled the portfolio management licence held by Sahara Asset Management Company Pvt Ltd
Sahara and Peerless are classified as residuary non-banking finance companies (RNBCs), which are now required to invest 100 per cent of their deposits in approved securities, including government bonds, fixed deposits with banks and mutual funds.The RBI has also asked the two RNBCs to submit alternative business plans.
It is intriguing that the CBI has shown little interest in the most scandalous and biggest collective investment scheme ever, from the Sahara group, asserts Debashis Basu.
Sahara says awaiting further clarity on issue from regulator, suggests 'human error' or investor confusion led to mismatch.
Thirty-five schemes are back in the dividend list in 2005, while 17 mutual fund schemes that paid dividends in 2004, have not announced any dividend as of yet.
Sahara Group got other much-needed relief with the apex court lifting its embargo of permitting it to sell only 19 properties.
Sahara and its founder Subrata Roy have been under scrutiny for years over its financial products, including for possible money laundering.
'My wife, family members as well as members of the workers will be trustees.' 'The trust will take all decisions -- no family member can individually take any decision.'
The group also lauded 'Sebi's active cooperation' in the matter.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
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Under U K Sinha, Sebi became a pan-India organisation with local offices in 16 cities
The second-longest serving chairman introduced quite a few measures for the primary market and implemented a new corporate governance framework.
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