Updated : September 23, 2024Sahara Refund Portal : How to Apply & Check Refund Status
Overview : This article aims to guide Investors of Sahara India who have invested in various schemes under Sahara India’s societies on how to reclaim their invested funds through the government of India’s designated portal. We have also covered the eligibility criteria, the list of documents required, and the steps-wise instructions for using the Sahara refund portal.
About Sahara India
Sahara India started its journey as a Residuary Non Banking Finance Company( RNBFC) under the stewardship of Mr Subrata Roy in 1978 from a small town, Gorakhpur, Uttar Pradesh (U.P.). Since its inception, it has collected small deposits from the public. In a short span of time, it earned the faith of people and collected huge amounts of money through different schemes run by its cooperative societies. Gradually, it emerged as a big Indian business house and stepped into different business domains. Its 12 lac employees, including field workers, consultants, business associates, and agents, made Sahara a household name. The Times Magazine referred to Sahara Group as “the second-biggest employer in the country following the Indian Railway” in 2004.
When the problem arose
Trouble started in 2010 when authorities found out that Sahara Group had raised a lot of money from the market through Optional Fully Convertible Debentures (OFCDs). OFCDs are a type of financial instrument used by the company to raise funds from the public. The company promises to the investors that in the future, they might convert their investment into the company’s shares. However, it depends upon the performance of the company.
The Sahara Group did the same, but problems arose because it did not follow the rules of the Securities and Exchange Board of India( SEBI). Via OFCDs, two Sahara Group companies, Sahara Housing Investment Corporation Limited (SHICL) and Sahara India Real Estate Corporation Limited (SIREL), collected about Rs. 24,000 crore (roughly US$3.2 billion) from 30 million investors between 2008 and 2011.
The Sahara companies were accused by SEBI of breaking the rules, among other things, and not providing enough information to the investors. They were mandated by SEBI to give the investors their money back, plus interest. Sahara Group approached the Securities Appellate Tribunal (SAT) and later the Supreme Court.
The Supreme Court upheld the order of SEBI. Sahara Group had no option other than to follow the directions of the Supreme Court. The death of Sahara Group chief Subrata Roy brought undistributed funds with the market regulator back in focus. Investors became the center of discussion, and moot questions emerged about how the money would be returned to the investors who are currently in the process of getting their invested funds back from the four Sahara Group cooperative societies.
Portal Created For Refunds
The Sahara Refund Portal was created to refund deposits of the Sahara Group of Cooperative Societies within 45 days of claiming. The portal has been launched by the Ministry of Cooperation and the Central Registrar of Cooperative Societies (CRCS). The aim is to return the money to 10 crore investors of the four cooperative societies within 9 months. The portal was inaugurated by Home and Cooperation Minister Sri Amit Shah on 18 July 2023.
The link to the refund portal is https://mocrefund.crcs.gov.in/depositor This portal is very simple and has been designed in such a way that anyone who is not well versed with the internet can also get their money back. The investors who have invested in the following four societies can apply for a refund:
- Lucknow’s Sahara Credit Cooperative Society Ltd.
- The Bhopal-based Saharayn Universal Multipurpose Society Limited.
- The Kolkata-based Humara India Credit Cooperative Society Limited.
- Stars Multipurpose Cooperative Society Limited.
Eligibility Criteria for Sahara Refund
- Refunds are available to depositors who deposited their money in the above mentioned societies before 22nd March, 2022.Depositors who deposited their money in the above societies before 22nd March 2022 are eligible for getting a refund.
- The depositors who deposited their money in Sahara Credit Cooperative Society Limited before 22nd March 2022 are also eligible for a refund.
- The depositors who deposited their money in Saharayn Universal Multipurpose Society Limited before 22nd March 2022 are also eligible for a refund.
- The depositors who deposited their money in Humara India Credit Society Limited before 22nd March 2022 are also eligible for a refund.
- The depositors who deposited their money in Stars Multipurpose Cooperative Society Limited before 29th March 2022 are also eligible for a refund.
Resubmission Details
The portal is currently accepting resubmissions to claim aggregating up to ₹5,00,000. Announcement of Dates for resubmission of aggregate claim of amount above ₹ 5,00,000 Lakhs would be done later. The payment of the resubmitted online claims takes place within 45 working days.
How to do Registration on the Sahara India Refund Portal
- Visit The Sahara Refund Portal
- Click on the “Depositor Registration” Tab
- Enter your Aadhar No., Mobile No., and Captcha Code. Then click on get OTP.
- Enter the OTP and click on Verify OTP
The registration will be complete.
The documents required at the time of login to the portal are as follows
- Account Opening Date: By referring to the passbook, you can get the details of opening of the account.
- Total Deposited Amount: You must know how much money you have deposited.
- Deposit Receipt: Once the fixed deposit has been made, obtain the deposit receipt.
- Membership Number: It is mentioned in the passbook.
- Download the profiled form.
- Click on the “Generate Claim Request” option to download the Sahara Refund Claim Form.
- Get the print of the downloaded form and paste a photo in the predetermined space on the form and sign it.
- Scan the Sahara Refund Claim Form and upload the Pan Card with the form.
The application is completed. You will receive an applicant number, which you must save. This number helps you follow up on claims in the future.
Sahara Refund Status
After submitting your refund request on the Sahara Refund Portal, you can check your Sahara Refund Status as follows:
Step 1: Visit the Sahara Refund Portal.
Step 2: Click on the Depositor Login tab.
Step 3: Enter the last 4 digits of your Aadhaar number, mobile number and captcha code and click on Get OTP.
Step 4: Enter OTP and click on Confirm OTP button.
Step 5: The login page will display your claim details and status.
Conclusion
Investors in Sahara India Cooperative Societies can reclaim their money through the Sahara Refund Portal. Launched under government supervision, the portal seeks to resolve previous financial irregularities, guarantee transparency, and expedite refunds within designated timeframes. A simplified procedure is ensured for eligible depositors to submit required paperwork and monitor the status of their refunds with ease via the portal.
