The Securities and Exchange Board of India (Sebi) has cancelled Sahara Asset Management Company's licence, saying it's not a “fit and proper person“ to carry out the business of mutual fund.
Sebi on Tuesday said Sahara's fund management licence would stand cancelled after 60 days from the date of the order.
It has directed Sahara AMC not to take any new subscription from the investors including existing investors in systematic investment plans and also not to levy any penalties on the investors for not depositing the installments.
Sebi has asked the fund house to transfer its activities to a new sponsor and a Sebi-approved AMC at the earliest.
Sebi on Tuesday said Sahara's fund management licence would stand cancelled after 60 days from the date of the order.
It has directed Sahara AMC not to take any new subscription from the investors including existing investors in systematic investment plans and also not to levy any penalties on the investors for not depositing the installments.
Sebi has asked the fund house to transfer its activities to a new sponsor and a Sebi-approved AMC at the earliest.
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