Normally, companies file the required information with SEBI in an electronic mode. However, in the recent past, this is the first time, that SEBI had requisitioned paper documents from a corporate.
In defending the stand that it has to pay only a fraction of what Sebi has ordered it to, Lucknow-based Sahara Group decided to send millions of documents, packed in 31,000+ cartons loaded in 128 trucks, to the Sebi headquarters at Bandra Kurla.
This is where Indian Jugaad played an important role. After numerous brainstorming sessions, the regulator called upon Stock Holding Corporation of India (SHCIL), team to handle the processing of the physical documents.
The names and addresses of the Investors had to be retrieved from the bundles of documents. The regulator has now moved the documents to a warehouse in Navi Mumbai, in the outskirts of the city.
SHCIL deployed its Robotic Team, in scanning the Sahara Papers.
Background of SHCIL Robots:
Built in the early ’90s to store share certificates, the warehouse belongs to Stock Holding Corporation of India (SHCIL), a custodial and depository services firm. At the time, the government was unsure whether it could transform the stock markets to introduce dematerialised (demat) shares. But with the advent of the paperless era in ’94, the 80,000-square-foot facility with 40-foot high walls was left largely unused.
After two decades, it has now come handy. SHCIL has installed one robot and is in the process of placing three more to quicken Sebi’s humongous job of scanning millions of documents to verify Sahara’s claim. This is the first time that a regulatory authority in India is banking on robotics to prove itself in what has become a high-decibel tussle.
Over the years, SHCIL has been associated with many corporate’s in their endeavor to move into a digital preservation era. However, the association with Sahara has resulted in a very positive image for SHCIL
- Rs 55 crore and counting: Sebi”s expense bill to Sahara (news.in.msn.com)