The Supreme Court on Friday told the Market Regulator SEBI that it was duty bound to take action against the Sahara group for non-compliance of its directions relating to the refund of 24,000 crore rupees raised from investors through optionally fully convertible debentures (OFCDs).

A bench comprising justices K S Radhakrishnan and J S Khehar said this when the market regulator complained that Sahara was not complying with the direction to hand over the documents and information about the investors as per the apex court direction. The bench said the failure of the Sahara Group to furnish the documents about the investors within 10 days in accordance with its August 31 judgement amounts to “violation” of its directions