Sebi cancels Sahara’s mutual fund licence – what to do now ?
July 28. SEBI has cancelled Sahara's Mutual fund 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
not to levy any penalties on the investors for not depositing the installments.
to transfer its activities to a new sponsor and a Sebi-approved AMC at the earliest.
In the event of failure of Sahara MF to complete the process of transition within a period of 5 months from the date of this order, then Sahara MF should compulsorily redeem the units allotted to its investors and credit t...