SEBI Approves Surrender of L&T Mutual Fund's Registration as a Mutual Fund
The capital markets regulator the Securities and Exchange Board of India (SEBI) announced on April 10 that L&T Mutual Fund
SEBI Approves Surrender of L&T Mutual Fund's Registration as a Mutual Fund
The capital markets regulator the Securities and Exchange Board of India (SEBI) announced on April 10 that L&T Mutual Fund has ceased to exist as a mutual fund. This decision followed the request made by L&T Mutual Fund Trustee Ltd to surrender the registration granted to L&T Mutual Fund by the market regulator.
The surrender of registration was in accordance with the approval of the change in control of L&T Investment Management Ltd and the merger of schemes of L&T Mutual Fund with HSBC Mutual Fund.
Afterward, SEBI approved the request for surrendering L&T MF's certificate of registration. In a statement, SEBI stated that "As a result, L&T MF will no longer exist as a mutual fund from April 6, 2023."
Additionally, SEBI stated that L&T MF will remain responsible for all liabilities and obligations, including monetary penalties, related to any violations of the SEBI Act and (Mutual Fund) regulations that occurred prior to the surrender of its certificate of registration.