Only 12 investors in Sahara group companies have received refunds totalling about Rs 1.6 lakh from SEBI, according to sources.
SEBI is said to have received about 2,000 correct applications. Including complaints, the responses from investors total 3,500.
About 270 applicants have sought refund of more than Rs 20,000 each, the sources said.
About 11 months have elapsed after the Supreme Court on August 31, 2012, ordered refund of over Rs 24,000 crore to over 2.96 crore investors in Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).
In May, SEBI had submitted to the apex court that it had sent out about 21,000 letters to investors of which only 280 had responded with the requisite documents.
Of these, 21 had multiple accounts, it said.
Subsequently, SEBI put out a communication for refund on its Web site which mandated bondholders of SIRECL and SHICL to have a bank account to receive their refund.
Investors submitting their claims for refund were asked to furnish a certificate from their banker that their signature, address and photograph in the refund application matched with the bank records. SEBI had also advised bondholders to open a bank account in case they did not have one.
This was in addition to the requirement of providing identity and residence proof and details of their investments in the two Sahara companies.
SEBI had said that tax would be deducted at source, wherever applicable, and that PAN was mandatory for claiming exemption.
The regulator had announced that claims of genuine investors with multiple deposits would be kept on hold till further directions from the apex court.