Principal MF ceased to exist as mutual fund: SEBI
Capital markets regulator SEBI on Thursday said Principal Mutual Fund (PMF) no longer exists as a mutual fund.
Asset Management Private Limited (Principal AMC) had informed SEBI that it intends to surrender the registration granted by the regulator to PMF.
Subsequently, SEBI accepted the request to surrender the registration certificate of PMF.
“Consequently, PMF does not exist as a mutual fund with effect from June 2, 2022,” Securities and Exchange Board of India (SEBI) said in a statement.
It further said that the PMF shall remain liable for all liabilities, including monetary penalty, contravention, if any, contravention of the provisions of the SEBI Act and Mutual Fund Rules, which have occurred prior to the surrender of the certificate of registration.
In January 2021, Sundaram Asset Management Company announced the acquisition of smaller rival Principal Asset Management for an undisclosed amount.
As of December 2020, the principal had over Rs 7,447 crore in assets under management, of which 90 per cent were in equity-oriented schemes.