SEBI cancels Sahara Mutual Fund license [ Current Affairs ]
About Sahara Mutual fund: Sahara mutual fund manages the investments of costumers, diversity of their portfolio, reduce their investment risks. About SEBI: SEBI stands for Security and Exchange Board of India.
- It is the controller of the security market of India. It was established in the year 1988 by government of India.
- But it got the legal authorities on 12 April 1992 through the SEBI Act, 1992.
- Its responsibility is to protect the interests of investors in securities and to promote the development.
- It also regulates the securities market.
Cancellation from SEBI:
- SEBI cancelled the registration of Sahara Mutual Fund because Sebi found that Sahara mutual fund was not able to carry out this business and well-organized transfer of its operations to another fund house.
- The Sahara group has been involved in a long-running regulatory and legal conflict with Sebi.
- SEBI also ordered Sahara firms to refund the investors.
- SEBI had also cancelled the portfolio management license of a Sahara firm.
- SEBI also directed Sahara Mutual Fund and Sahara Asset Management Company to stop accepting subscription from its existing or new investors with immediate effect.
- Published on: July 30, 2015