About 1,89,103 applications received refunds in the first phase of the PACL refund process, for claims of up to Rs 2,500 each, a phase that the regulator then described as complete. An earlier SEBI update, in October 2018, had put the count at 1,13,352 investors, so figures quoted for the first phase depend on when they were reported.
The first phase covered only those investors whose outstanding principal with PACL was up to Rs 2,500 per investor. The Committee first set 28 February 2018 as the last date for such applications, then extended it to 31 March 2018, and the investors who filed in the prescribed form were the ones who received the amount.
For the investors with larger amounts, the claims were handled in a later round, under a different process and with a different set of dates.
The Lodha Committee and the 2019 claim window
The larger claims were taken up after a Supreme Court order of 2 February 2016, under which the Court appointed the Justice R.M. Lodha Committee to handle the PACL claims. The Committee is the body that supervises the refunds to investors.
On 8 February 2019, the Committee opened claim filing to all investors with outstanding PACL claims. Applications were to be made through a dedicated website, sebipaclrefund.co.in, and investors were no longer divided by the size of their principal.
The last date for filing applications in that round was first 30 April 2019 and was later extended to 31 July 2019. Investors who are following the matter should note that the 30 April 2019 date was extended to 31 July 2019.
Why a filed claim is not a payout
Filing an application with the Committee does not mean that the money will reach the investor's bank account. As per SEBI's notice of 8 February 2019, refunds are payable only after all the claims have been received, and only to the extent the Committee has funds available.
Any new notice on PACL refunds appears first on SEBI's website, under its PACL section.
