The Securities and Exchange Board of India (SEBI) is holding approximately ₹21,505 crore from the Sahara Group case, as the refund process faces ongoing challenges. While a separate government portal for cooperative society depositors has successfully disbursed nearly ₹8,784 crore, many original investors continue to face uncertainty. The situation remains a complex, long-standing legal matter without a definitive, quick resolution timeline.
The Securities and Exchange Board of India (SEBI) is currently managing a substantial corpus of approximately ₹21,505 crore linked to the Sahara Group. This fund represents a central part of one of India’s most protracted financial legal battles, which began over a decade ago following Supreme Court directives. While the account balance has grown over time due to accrued interest, the process of returning this money to the original investors has proven difficult and slow, leaving many claimants waiting for a final resolution.
Two Separate Tracks for Refunds
It is important for investors to distinguish between the two ongoing tracks for receiving money. The primary pool held by SEBI, known as the Sahara-SEBI Refund Account, has seen little movement in terms of fresh, direct refunds to the original investors involved in the 2012 case. However, a separate mechanism operates through the Central Registrar of Cooperative Societies (CRCS). This CRCS-Sahara Refund Portal was created to address the grievances of depositors in four specific Sahara Group cooperative societies. As of February 2026, this portal has successfully disbursed about ₹8,783.55 crore to over 40 lakh investors, and the Supreme Court has extended the deadline for these claims until December 31, 2026.
Asset Liquidation and Legal Hurdles
The size of the fund held by SEBI is just one part of the challenge. The Sahara Group has previously approached the Supreme Court seeking permission to sell assets, including properties, to entities like Adani Properties to help settle outstanding dues. However, liquidating these assets involves significant complexities, including verifying property titles, agreeing on valuations, and ensuring a transparent bidding process under judicial supervision. Because many of these assets are tied up in litigation, turning them into liquid cash to pay back investors remains a slow and difficult task.
The Challenge for Investors
For the average investor, the main issue is the sheer complexity of the process. Millions of claims require rigorous verification, often linked to Aadhaar details, which has led to delays. Additionally, many claims are now considered dormant, meaning the contact details of the original investors may be outdated or the documentation is incomplete. Legal experts and regulators have pointed out that a refund process cannot run indefinitely. The lack of a clear, fixed timeline for resolving these remaining claims means that investors who do not fall under the specific cooperative society categories may continue to face significant waiting periods.
Moving forward, the key factor for stakeholders to monitor is the upcoming December 2026 deadline for the CRCS portal and any further directions from the Supreme Court regarding the disposal of the remaining assets held by the Sahara Group. The judicial process remains the primary avenue for determining how the remaining funds will be handled and whether a new framework will be established to clear the outstanding liabilities.