PACL Investor Refund Update: Lodha Committee Disburses Rs. 3,720.67 Crore Across 35.74 Lakh Eligible Claims
Overview
The Securities and Exchange Board of India (SEBI) has placed before its Board a comprehensive update on the ongoing activities of the Justice (Retd.) R.M. Lodha Committee, which was constituted by the Hon'ble Supreme Court to oversee the disposal of assets belonging to PACL Ltd. and facilitate refunds to investors who had placed their money in schemes operated by or associated with PACL Ltd. This latest update follows the earlier information memorandum that was tabled at the Board meeting held on 12.09.2025 and captures all material developments up to 5 May 2026.
The scale of the PACL matter — involving tens of thousands of properties across multiple states, millions of aggrieved investors, and several thousands of crores in pending claims — makes the Lodha Committee's work one of the most significant investor protection exercises undertaken under SEBI's regulatory framework.
Background: The Lodha Committee and Its Mandate
The Justice (Retd.) R.M. Lodha Committee was appointed directly by the Hon'ble Supreme Court with a clear and focused mandate: to liquidate the properties of PACL Ltd. and its associate entities and use the resulting proceeds to refund eligible investors who had been defrauded through unauthorised collective investment schemes. SEBI, acting as the nodal regulatory authority, has been closely monitoring the Committee's progress and periodically updating its Board on developments.
Since its constitution, the Committee has demonstrated sustained engagement with the task — convening 144 meetings in total, of which seven meetings took place after the September 2025 update. Each meeting addressed approximately 100 agenda items spanning refund processing, auction activities, investor grievances, and administrative matters.
The Committee has also continued to discharge its reporting obligations to the Supreme Court, including the submission of a detailed status report dated 09.05.2026.
Refund Disbursements: All Eligible Investors Covered
Cumulative Refunds as on 05.05.2026
One of the most significant milestones captured in this update is the completion of refunds to all eligible investors. As of 5 May 2026, the Committee has processed refunds against 35,74,401 eligible applications, with the total disbursement reaching Rs. 3,720.67 crore.
Since the previous update shared with the Board in September 2025, an additional 13,58,269 eligible applications were processed, resulting in fresh disbursals aggregating Rs. 2,557.67 crore — a substantial leap that reflects the Committee's accelerated pace of refund processing in the intervening period.
Key Milestone: The Committee has now completed refund processing for all eligible investors, marking a critical achievement in the resolution of one of India's largest collective investment scheme frauds.
Investors wishing to verify their refund status may do so through the dedicated SEBI PACL Refund Portal at https://www.sebipaclrefund.co.in/Refund/Enquiry.