Sebi on Wednesday directs Sahara Mutual Fund end up all its mutual fund schemes. All schemes, except one, must be ended up by 21 April, 2018. However, the fund house has been permitted to continue with its Sahara Tax Gain Fund' till 27 July yet without accepting any new investors. This specific scheme must be ended up by 27 August, 2018.
Sahara group has been occupied with a long-running regulatory and fight in court with Sebi as far back as the regulator ordered refund of a massive amount of over Rs 24,000 crore by two Sahara entities.
In July, 2015, the Securities and Exchange Board of India (Sebi) had wiped out the registration of Sahara MF saying it was no longer "fit and proper" to carry out this business and ordered transfer of its operation to another fund house. It had directed cancelation of Sahara MF's registration on expiry of a six-month time span.
Prior, Sebi had also cancelled the portfolio management permit of a Sahara firm.
Following the Sebi order, Sahara MF had moved toward Securities Appellate Tribunal (SAT), which allowed a month and a half to the appellants to approach the Supreme Court. In this way, Sahara MF had filed an appeal in the Supreme Court. The appeal was expelled by the supreme court in October 2017.
Therafter, Sebi had instructed Sahara MF to entirely conform to the courses of events determined in its July 2015 order.
