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Business EconomyPosted at: Jul 28 2015 9:25PM


SEBI cancels Sahara Mutual Fund registration

New Delhi, Jul 28 (UNI) Securities and Exchange Board of India (SEBI) today cancelled the registration of Sahara Mutual Fund (SMF) saying it was no longer "fit and proper" to carry out the business and ordered transfer of its operations to another fund house. The order said, ''Keeping the interests of unit holders, the order of cancellation of the certificate of registration of the company shall be effective on expiry of six months from the date of the said order and after six months from the date of this order, SMF shall return the certificate of registration to SEBI.'' The order has asked the mutual fund to ''make efforts to transfer the activities of Sahara India Financial Corporation Limited (Sahara Sponsor) and Sahara Asset Management Company Private Limited (Sahara AMC) to a new sponsor and a Sebi - approved asset management company at the earliest." Further, the SEBI said, ''The SMF shall not levy any penalties loads on the Systematic Investment Plans (SIP)/ Systematic Transfer Plans (STP) investors for not depositing the installments.'' The Board of Trustees of the Sahara MF shall oversee and ensure protection of the unit holders' interests during the period. The order added, ''in the event of failure of SMF to complete the process of transition within a period of five months from the date of this order, then the company should compulsorily redeem the units allotted to its investors and credit the respective funds to its investors, without any additional cost, within a period of thirty days thereafter and wind up the operations of the mutual fund.'' UNI SC AJ 2125
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