Principal MF ceases to exist as mutual fund from June 2, says Sebi

Capital markets regulator Sebi on Thursday said Principal Mutual Fund (PMF) now ceases to exist as a mutual fund.

Sebi
Photo: Shutterstock
Press Trust of India New Delhi
1 min read Last Updated : Jun 02 2022 | 5:56 PM IST

Capital markets regulator Sebi on Thursday said Principal Mutual Fund (PMF) now ceases to exist as a mutual fund.

This comes after Asset Management Private Limited (Principal AMC) had informed Sebi that it wanted to surrender the registration granted to PMF by the regulator.

Following this, Sebi accepted the request for surrender of certificate of registration of PMF.

"Consequently, PMF ceases to exist as a mutual fund with effect from June 2, 2022," the Securities and Exchange Board of India (Sebi) said in a statement.

It further said PMF will continue to be liable for all liabilities, including monetary penalties, violations, if any, of the provisions of Sebi Act and mutual fund rules that have taken place before its surrender of certificate of registration.

In January 2021, Sundaram Asset Management Company announced acquiring smaller rival Principal Asset Management for an undisclosed sum.

Principal had over Rs 7,447 crore in assets under management as on December 2020, with 90 per cent of them being in equity-oriented schemes.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :SEBISebi normsMutual funds investors

First Published: Jun 02 2022 | 5:56 PM IST

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