Sahara Mutual Fund

The firm, which hit a stonewall thrice over its sponsorship bid, finally informed Sebi of its decision to withdraw due to a drop in Sahara MF's net worth and exit of top execs

In 2015, Sebi had directed cancellation of Sahara MF's certificate of registration on expiry of a six-month period from the date of order

The Securities Appellate Tribunal (SAT) on Friday upheld markets regulator Sebi's order cancelling the registration of Sahara Mutual Fund, saying the latter no longer met the 'fit and proper' criterion for this business. And, ordered transfer of its operations to another fund house. However, on the Sahara counsel's request, the tribunal granted six weeks to the company, to approach the Supreme Court. In 2015, the Securities and Exchange Board of India (Sebi) had passed an order against Sahara India Financial Corporation and Sahara Asset Management Company, declaring them not 'fit and proper'. "They have failed to fulfil the eligibility criteria to remain as the sponsor and asset management company, respectively," went the Sebi order. Later, Sahara had challenged Sebi, presenting a 300-page affidavit before the tribunal. SAT, in a 21-page order on Friday, said: "We find no merit in the appeal." "The present appeal before us is regarding the fit and proper status of a promoter/director .