SEBI Cancels Sahara’s Mutual Fund License


Mumbai: In yet another blow to Subrata Roy owned Sahara Group, The Security Exchange Board of India has cancelled the registration of Sahara Mutual Fund saying it was no longer “fit and proper” to carry out this business and ordered transfer of its operation to another fund house.

Sahara group has been engaged in a long-running regulatory and legal battle with Sebi ever since the regulator ordered refund of a massive amount of over Rs 24,000 crore by two Sahara entities. Recently, Sebi had also cancelled the portfolio management licence of a Sahara firm.