The market regulator says the company is not a `fit and proper person' to act as a portfolio manager

The Securities and Exchange Board of India (Sebi) on Friday cancelled the licence granted to Sahara AMC to act as a portfolio manager, a Sebi release said. The Sebi said Sahara AMC is not a `fit and proper person' to act as a portfolio manager and rejected the application from the company for renewal of licence.

According to the Sebi release, the Certificate of Registration granted to Sahara AMC will stand cancelled after 30 days of the receipt of the order and the AMC shall not take on any new clients during the intervening period.

The release further said that Sahara AMC should transfer its business to another Sebi-registered portfolio manager or allow the clients to withdraw the securities and funds in its custody without any additional cost to them.

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