SAT rejects Sahara plea against Sebi order cancelling mutual fund licence

Company granted six weeks' time to approach the Supreme Court

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