sebi:WTM/GM/IMD/07/2018-19
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Facts / Headnote
Directions modified; winding-up timelines extended
Provisions invoked
- s. 19
Parties
- Sahara Mutual Fund
Holding
SEBI modified its July 28, 2015 directions to permit Sahara Tax Gain Fund to continue till July 27, 2018 with compulsory redemption on expiry of lock-in and completion of winding up by August 27, 2018, while all other Sahara MF schemes must be wound up by April 21, 2018.
Full text
___________________________________________________________________________ Order in the matter of Sahara Mutual Fund Page 2 of 3
___________________________________________________________________________ Order in the matter of Sahara Mutual Fund Page 3 of 3
5. Subsequently, Sahara MF vide letter dated January 15, 2018 has inter alia submitted to SEBI the following: i. In order to comply with the directions of SEBI, efforts are being made by Sahara Mutual Fund and the present sponsor to find a new sponsor for taking over the activities of mutual fund and AMC but it appears that this process may take some time. ii. …Sahara MF had floated a tax saver scheme, i.e., Sahara Tax Gain Fund with a lock- in period of three (3) years. Under this scheme there are 748 investors who have invested between 24th March, 2015 to 27th July, 2015. As per the scheme, the units cannot be redeemed before expiry of three (3) years from the date of investment. iii. As such, in the interest of unit holders it is requested that the period of transfer of activities of Sahara Mutual Fund and AMC to new sponsor and also period for redemption of units in the event of failure to complete the process of transition, may be extended so as to cover the redemption of units of Sahara Tax Gain Scheme.
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Source: SecMarx — sebi:WTM/GM/IMD/07/2018-19. 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.