Sahara Subrata Roy
The Sahara group chairman Subrata Roy (C) arrives at the Supreme Court in New Delhi March 4, 2014.Reuters

The Securities and Exchange Board of India (SEBI) has released a new application form for Sahara's investors, who can apply for refunds of their investments by 30 September.

The measure is applicable for those investors who have invested in various bonds issued by two Sahara firms - Sahara India Real Estate Corp. Ltd (SIREL) and Sahara Housing Investment Corp. (SHICL).

The Supreme Court had ordered SEBI to facilitate refunds to the bondholders of the Sahara firms, which has been tangled in a long-running dispute involving raising of funds worth over ₹24,000 crore from nearly 30 million investors across the country.

"There has to be a finality to these things...we have been making attempts for some time now, and only 3,000-3,500 investors have come forward," Business Standard quoted an SEBI official.

Meanwhile, Sahara said that it has already repaid more than 93 percent of the outstanding dues directly to the concerned shareholders and the remaining amount was just about ₹2,500 crore, reported PTI.

The company added that it deposited ₹5,120 crore with SEBI in December 2012 towards the investor refunds as per Supreme Court orders. An amount of ₹3,117 crore was also deposited with SEBI by the group in June this year.

The regulator began its process of refunding the money to eligible investors from the amount deposited by the group in May last year and also issued public notices to claim refund.

SEBI has now issued a new public notice inviting bondholders of the two Sahara firms to submit refund applications along with ID proof and residential proof to refund the amount directly into the account of bondholders.

"Please note that claims relating to any schemes/bonds other than the ones listed above shall not be entertained and will be returned to the applicant at his/her sole risk and responsibility," SEBI said.

Subrata Roy, the Sahara chief has been held in Delhi's Tihar jail since 4 March along with his group of directors Ravi Shankar Dubey and Ashok Roy Choudhary. The court had earlier granted conditional bail to Roy against a payment of ₹10,000 crore, to be paid half in cash and rest half in bank guarantees. However, the company failed to deposit the amount.