Nearly seven years after the Reserve Bank of India cancelled Sahara India Investment Corporation’s (SIIC) registration to carry out the business of an NBFC, the Securities and Exchange Board of India on Tuesday declared that it was not ‘fit and proper’ to run the mutual fund business. Among the three big regulators, the Insurance Regulatory and Development Authority of India (IRDA) is yet to intervene to stop the Sahara Group from running their insurance business.
On Tuesday Sebi cancelled Sahara Asset Management Company’s (AMC) certificate of registration with immediate effect and granted five months to transfer the firm’s activities to a new sponsor and Sebi-approved AMC.
