New Delhi, July 29: Securities and Exchange Board of India (SEBI) has cancelled Sahara Asset Management Company’s license on Tuesday, saying it is not fit to carry out the business of mutual fund.
According to reports, Sahara’s fund management license would remain cancelled for two months from the date of the order.
The market regulator has reportedly directed Sahara AMC not to take any new subscription from the investors including existing investors in systematic investment plans.
It has also asked them not to levy any penalties on the investors for not depositing the installments.
Meanwhile, a drop in realty and auto shares led to the fall of the benchmark BSE sensex by 102.15 points to 27,459.23.
This index is down for the fourth consecutive day. It has already lost 1,045.70 points in last four sessions.
The Nifty also ended 24 points lower at 8,337, below the crucial level of 8,350.
(With Agency Inputs)