Capital markets regulator Sebi today cancelled the registration of PineBridge Mutual Fund with immediate effect following the transfer of all its schemes to Kotak Mahindra MF.
The Securities and Exchange Board of India (Sebi) in a statement said that it has "cancelled the certificate of registration of PineBridge MF and has withdrawn the approval granted to PineBridge Investments Asset Management Company (India) Pvt Ltd, to act as the Asset Management Company to the Mutual Fund."
The move comes pursuant to the 'transfer of schemes of PineBridge MF to Kotak Mahindra MF'.
In September 2014, Kotak Mahindra Asset Management Company, a wholly-owned subsidiary of Kotak Mahindra Bank Ltd, had executed a definitive agreement to acquire the domestic schemes of PineBridge MF, subject to regulatory approvals.
Consequently, with immediate effect, the PineBridge MF PineBridge Investments Trustee Company cannot carry out any activity as a MF and AMC respectively.
