SEBI cancels Sahara's mutual fund license

NEW DELHI, July 28: In a fresh crackdown on Sahara, regulatory body, Securities and Exchange Board of India (SEBI) on Tuesday cancelled the registration of Sahara Mutual Fund. The capital market regulator has barred the fund house from taking any fresh subscription from investors and has directed it to make efforts to transfer the business to a new fund house within five months and return the certificate of registration to Sebi within six months. Sebi initiated proceedings against the fund house in June 2014.