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SEBI has cancelled Sahara’s mutual fund licence

The market regulator SEBI on Tuesday cancelled the registration of Sahara Mutual Fund saying that it was no longer ‘fit and proper’ to carry out this business and has ordered transfer of its operations to another fund house.

SEBI had recently also cancelled the Portfolio Management licence of Sahara firm and in its latest order, SEBI has directed cancellation of Sahara Mutual Fund’s certificate of registration on expiry of a six-month period from Tuesday.

Sahara Mutual Fund and Sahara Asset Management Company has also been directed by SEBI to stop accepting subscription from its existing or new investors with immediate effect.

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