SEBI cancels registration of Fidelity Mutual Fund
15 Jan 2013
The Securities and Exchange Board of India (SEBI) has cancelled the registration of Fidelity Mutual Fund after L&T Finance bought out the fund.
The decision was taken at the request of FIL Fund Management, the asset management company (AMC) of Fidelity Mutual Fund, SEBI said in a release.
''Pursuant to the acquisition of Fidelity Mutual Fund by L&T Mutual Fund and at the request of FIL Fund Management Pvt Ltd, the AMC to Fidelity Mutual Fund, SEBI has cancelled the certificate of registration of Fidelity Mutual Fund and has withdrawn the approval granted to FIL Fund Management Pvt Ltd to act as the asset management company,'' SEBI stated in its release.
Consequently, Fidelity Mutual Fund, FIL Trustee Company Private Limited and FIL Fund Management Private Ltd cannot carry out any activity as a mutual fund, trustee company and asset management company, the release added.
L&T Finance had, in November, completed the acquisition of Fidelity's mutual fund business in India for an undisclosed amount.
L&T Finance is a part of engineering major L&T Group and Fidelity Mutual Fund is part of the US-based Fidelity Worldwide Investment.
