SEBI cancels License of Sahara MF

Q.  Who cancelled Sahara Mutual Fund license on 28th July’15?
- Published on 26 Jul 15

a. Supreme Court
b. SEBI
c. BSE
d. CRISIL

ANSWER: SEBI
 
The Securities and Exchange Board of India has cancelled Sahara asset Management Company’s license. The market regulator in its order said that the company is not fit and proper entity to carry out the business of mutual fund. It said, Sahara’s fund management license 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.

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