The Securities and Exchange Board of India (Sebi) has cancelled the certificate of registration of Indian Bank Mutual Fund (IBMF) and withdrawn the approval granted to Ind Fund Management, the asset management company, because all the existing schemes of IBMF has been hived off to Tata Mutual Fund.
IBMF was granted the certificate of registration under the Sebi (Mutual funds) Regulations, 1993, on March 17, 1994.
Subsequently, IBMF has hived off all its existing schemes to Tata Mutual Fund after giving an exit option to all the unitholders in accordance with the provisions of the Sebi (Mutual Funds) Regulations, 1996.
Sebi has now cancelled the certificate of registration of IBMF and withdrawn the approval granted to Ind Fund Management.
Consequently, the mutual fund, the trustee company or asset management company cannot carry out any activity as a mutual fund, trustees or asset management company as the case may be, in accordance with the regulations, Sebi said.
