Sahara case: Sebi to seek help of foreign regulators

NEW DELHI: The Securities & Exchange Board of India (Sebi) is planning to seek the help of overseas regulators in tracking some of the investments made by the Sahara Group. Sources said the capital market regulator has discussed the proposal internally and is expected to write to regulators in countries where the group has invested. Sahara has acquired hotels in London and New York and had also lined up investments in Bangladesh. In addition, regulators in countries or jurisdictions through which the group may have routed investments are also likely to be contacted for assistance. "The group has invested overseas and it may help us find out about beneficiaries and the source and use of funds," said a person familiar with the developments. Sahara and Sebi have been arguing for months over the list of beneficiaries and investment that the conglomerate has made over the years with the regulator accusing the group of not disclosing information or sharing information that the market watchdog is finding tough to analyze. While Sebi had approached state governments and other agencies for information, it is facing delays or having to deal with incomplete data, said sources. Sebi has sought information from states for details of property transferred by the Sahara Group over the last five-six years as it has been seeking to attach the assets of the group and its promoters to repay investors.