India's capital market regulator, the Securities Exchange Board of India (SEBI) has announced its decision to freeze the accounts and properties of Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC).

SEBI has also asked the Sahara Group companies to deposit SHIC's cash and bank balance worth Rs 309.19 crore and SIREC's worth Rs 1,655 crore with the regulator. The order came in the investor refund case involving more than Rs 24,000 crore. The group said that the decision is based on old facts and that orders for attaching assets of individuals is not a correct step taken by the regulator.

The regulator ordered freezing of all the accounts and attachment of all investments and properties of two Sahara firms and their top executives. The regulator is attaching group's Aambey Valley resort town, various real estate assets located in Delhi, Mumbai and several other places in the country, shares, mutual funds as well as other investments.

The shares of Sahara One Media and Entertainment fell 4.81 per cent to Rs 82.10 and Sahara Housingfina Corporation fell 19.11 per cent to Rs 44 at the Bombay Stock Exchange (BSE).