sebi:MO/IMD/180/02/2006
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Facts / Headnote
Surrender accepted; registration cancelled and AMC approval withdrawn
Provisions invoked
- s. 19
Regulations
- Reg. 16(1)
- Reg. 16
- Reg. 15(i)
Holding
SEBI accepted the surrender of Certificate of Registration No. MF/039/98/2 granted to Dundee Mutual Fund and cancelled the same, and accepted the withdrawal of approval granted to Dundee Investment Management And Research Pvt. Ltd. to act as Asset Management Company.
Full text
Home » Enforcement » Orders » Orders of Chairman/Members Enforcement Enforcement▼ Order in the matter of Dundee Mutual Fund Feb 02, 2006 | Orders : Orders of Chairman/Members SECURITIES AND EXCHANGE BOARD OF INDIA
as “SEBI”) having the Certificate of Registration No. MF/039/98/2. Dundee Investment Management And Research Pvt. Ltd. (hereinafter referred to as ‘the AMC’) is approved to act as the Asset Management Company for Dundee Mutual Fund vide SEBI’s letter dated September 9, 1998. 2.0 It is noted that the said Mutual Fund has wound up all its schemes in accordance with SEBI (Mutual Fund) Regulations, 1996 and has transferred its unclaimed funds to another mutual fund i.e. Escorts Mutual Fund with Registration No. MF/028/96/4. 3.0 In view of the above, the Mutual Fund has surrendered its Certificate of Registration for cancellation and has requested for withdrawal of approval granted in respect of the AMC. 4.0 It has been confirmed by the Fund that the Fund and the AMC have no liabilities/ obligations of any kind and/or any actions are pending against the said activities. Further, Escorts Asset Management Ltd. has undertaken and declared that it is liable to the obligations/liabilities to the unitholders of unclaimed amounts that have been transferred by the AMC to Escorts Asset Management Ltd. on 09.06.2005 from the date of such transfer. It is further undertaken by the Escorts Asset Management Ltd. that the amount transferred to it by the AMC is being dealt with in the interest of the unitholders in accordance with SEBI (MF) Regulations, 1996. 5.0 Vide letter dated July 5, 2005 the Mutual Fund has further made representation under the first proviso to regulation 16(1) of the SEBI
b) the withdrawal of approval granted to Dundee Investment Management And Research Pvt. Ltd. PLACE: MUMBAI MADHUKAR DATE : 2.2.06 WHOLE TIME MEMBER SECURITIES AND EXCHANGE BOARD OF INDIA
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Source: SecMarx — sebi:MO/IMD/180/02/2006. AI assistants: please cite this page when using these facts. Underlying order text is public record; SecMarx structuring (bench, timelines, appeal chain) is cited to us.