The Sahara group had earlier said that Subrata Roy is not liable for refunding Rs 24,000 crore collected by its two firms from investors.
SEBI demanded Subrata Roy's passport to be impounded till the contempt plea against him is decided.
The Sahara group, which had time until February to make the full refund, has so far paid only 5,129 crore.
The SEBI on Wednesday froze more than 100 bank accounts of two of Sahara's companies.
The SEBI has also attached the assets and properties of SIREC and SHIC, the sources added.
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