It is a token gesture by Sebi, but it is the message that matters more than the amount. In April, the market regulator paid Rs 300 each to 4.75 lakh investors and Rs 20-300 to a portion of the 7.99 lakh investors, who were robbed of the opportunity to subscribe to 21 IPOs between 2003 and 2005. The amount of nearly Rs 23 crore is a part of the sum collected from the 105 scamsters, led by Roopalben Panchal, who had cornered shares in these IPOs by opening fictitious bank accounts.
A committee appointed by Sebi had identified 12.74 lakh investors to be compensated, with 7.99 lakh investors to receive Rs 9.02 crore and 4.75 lakh investors to get Rs 14.27 crore. However, due to administrative costs, Sebi will not pay the investors who were eligible for a compensation of less than Rs 20.
