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    Sahara has launched several new investment schemes under the Sahara Credit Co-Operative Society to raise money after being barred by regulatory authorities from raising funds directly from the public. The cooperative is based in Lucknow where most Sahara entities are located. The schemes mirror banned optionally fully convertible debentures and promise high returns over various terms from 4 to 15 years. Existing investors will remain in old schemes while agents will market the new schemes to raise funds, especially targeting rural areas.

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    Sahara has launched several new investment schemes under the Sahara Credit Co-Operative Society to raise money after being barred by regulatory authorities from raising funds directly from the public. The cooperative is based in Lucknow where most Sahara entities are located. The schemes mirror banned optionally fully convertible debentures and promise high returns over various terms from 4 to 15 years. Existing investors will remain in old schemes while agents will market the new schemes to raise funds, especially targeting rural areas.

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    22 Ansichten1 Seite

    Busi std-1

    Hochgeladen von

    papad_thedon
    Sahara has launched several new investment schemes under the Sahara Credit Co-Operative Society to raise money after being barred by regulatory authorities from raising funds directly from the public. The cooperative is based in Lucknow where most Sahara entities are located. The schemes mirror banned optionally fully convertible debentures and promise high returns over various terms from 4 to 15 years. Existing investors will remain in old schemes while agents will market the new schemes to raise funds, especially targeting rural areas.

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    Attribution Non-Commercial (BY-NC)
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    von 1

    Sahara takes co-op route

    to beat Sebi, RBI bans


    Terms it financial inclusion, says top execs not members
    N SUNDARESHA areas who do not go to the bank by Business Standard, the new
    SUBRAMANIAN or are visited by the bank.” schemes are mirror images of
    Mumbai, 25 April According to two people in- the optionally fully convertible
    volved in the operations of the debentures (OFCDs) issued by
    AFTER being barred by the group, the application forms the two Sahara entities banned
    country’s central bank, the cap- for these new schemes are be- by the capital market regula-
    ital market regulator and the ing circulated and the money tor, the Securities and Ex-
    Allahabad High Court from raised, beginning last week, change Board of India (Sebi).
    raising money from the public, will be accounted under the Sahara.A.Select is a four-
    the Sahara group has moved to new schemes. These schemes year scheme which promises
    a new regulatory territory — surfaced after the Allahabad a return of “more than 141 per
    the co-operative society. High Court restricted Sahara cent of the principal amount in
    Sahara agents will now ped- from raising money on April 7. four years.” Premature with-
    dle several new investment drawals are allowed at the end
    schemes to raise money under of 24 months, according to the
    the name Sahara Credit Co-Op- SAHARA AGENTS WILL application forms. This is sim-
    erative Society. The society has NOW PEDDLE ilar to the Nirman bonds
    its headquarters and registered several new investment banned by Sebi.
    office in Sahara India Bhawan, Sahara.E.Shine is an eight-
    Lucknow, where most Sahara
    schemes to raise money year scheme which promises
    group entities are based. under the name Sahara a return of “more than 226 per
    In an emailed response, Sa- Credit Co-Operative Society cent of the principal”. This cor-
    hara group spokesperson Ab- responds to the Abode bonds.
    hijit Sarkar said, “The cooper- An Uttar Pradesh-based Sahara.U.golden is a 15-
    ative has been developed by agent said a meeting was called year scheme offering a return
    around 3,800 workers of the at Sahara’s district offices to- of five times the principal. All
    company. Our Managing Work- day to explain the features of these schemes offer a loan
    er and three Deputy Managing these schemes and the proce- against deposit facility and
    Workers are not members of the dures to be followed. Existing child welfare plans. Under the
    cooperative, which is running investors would continue in the latter, the children of the de-
    some schemes towards finan- old schemes, he added. posit-holders are offered “bril-
    cial inclusion of un-bankable According to soft copies of liancy” certificates.
    people in rural and semi-urban the application forms reviewed Turn to Page 5

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