Sahara is a privately held company that raised capital by way of deposits from the public. The capital raised by Sahara was contradicting the capital market policies of India. The Security Exchange Board of India (SEBI) instructed Sahara to refund the money to the depositors. The refund process involved millions of forms and refund receipts to be verified. SEBI called upon Sahara for physical deposit receipts, KYC & return receipts documents; as a response to which there were 127 trucks full of Documents sent to SEBI by Sahara for verification.
The SEBI had to verify refunds of depositors by validating MORE THAN 3 MILLION DOCUMENTS. There were a lot of addresses that were the same but there were different depositors. The SEBI was unable to identify the addresses of people. The refund amount that was on the application did not match at all. Also, the names of the depositors were repeated.
All applications and forms were computerized. The analytics done by iSN pointed out all the differences about the things that should've been the same. An IT tool was enabled by iSN which highlighted the above challenges that were faced by SEBI. With the help of this tool within a matter of 9 months, iSN was able to collect all the information from everywhere, put it together, and then examine it. This data was then added to the database for further management.
This IT tool has been of great help and is now used in all the major projects of iSN. The iSN team also got really good exposure to working in an extremely competitive timeline environment. Many key management skills like planning, coordination, division of work, and empowerment that were highlighted in this case are now a part of all projects in iSN.
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