Market regulator the Securities and Exchange Board of India (Sebi) today said it had cancelled the registration of Benchmark Mutual Fund following its buyout by Goldman Sachs MF.
"Pursuant to the transfer of schemes of Benchmark MF to Goldman Sachs MF, Sebi has cancelled the certificate of registration of Benchmark MF," the regulator said in a statement.
Goldman Sachs MF had approached the Sebi seeking cancellation of the licence of Benchmark MF, it said.
At the time of acquisition in March, Benchmark MF managed assets worth around Rs 3,000 crore mainly through exchange traded funds.
Benchmark was founded in 2001 and its buyout process is expected to be completed by year-end.
Goldman Sachs Asset Management got market regulator Sebi's approval in 2008 to start mutual business in India.
