The securities Exchange Board of India (SEBI) has said that the bondholders of Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) must have a bank account in order to obtain a refund on their investment in the Sahara group firms.

India's capital market regulator also said that if the bondholders of the two firms do not have an account, they must open a bank account to receive the refund. It also said in a release that the bondholders are required to submit a certificate from their banker stating that their signature, address and photograph in the refund application is the same as that in their bank account. The bondholders are already required to provide identity and residence proofs as well as details of their investments in the two Sahara companies.

SEBI had recently asked the Supreme Court for the order to detain Mr. Roy and other senior members of the Sahara board. In an affidavit filed by the SEBI with the apex court on 15 March, it urged for five things. SEBI requested for permission to issue public advertisements for investors to claim their deposits, permission to refund the money of genuine investors and permission to appoint a special officer to manage the sale of properties belonging to Sahara Group companies.

It has also asked for the passports of Subrata Roy and Sahara's Directors to be impounded and an order for detention of Subrata Roy and Sahara's Directors. SEBI has earlier frozen the bank accounts of two firms belonging to the Sahara India group for not returning more than Rs. 24,000 crore to investors.