Sebi cancels registration of Deutsche Mutual Fund

Capital markets watchdog Sebi today cancelled registration of Deutsche Mutual Fund following the transfer of its schemes to DHFL Pramerica Mutual Fund.

PTI| Last Updated: May 02, 2016, 20:59 PM IST
Sebi cancels registration of Deutsche Mutual Fund

New Delhi: Capital markets watchdog Sebi on Monday cancelled registration of Deutsche Mutual Fund following the transfer of its schemes to DHFL Pramerica Mutual Fund.

The Indian asset management business of Deutsche Mutual Fund has been acquired by Pramerica MF.

In a statement, Sebi said it has "cancelled the certificate of registration of Deutsche MF and has withdrawn the approval granted to Deutsche Asset Management Pvt Ltd to act as the Asset Management Company to the MF".

Consequently, with immediate effect, the Deutsche MF, Deutsche Trustee Services and Deutsche Asset Management cannot carry out any activity as an MF, trustee company and AMC, respectively.

The move follows the transfer of schemes of Deutsche MF to DHFL Pramerica MF.

In the past few years, a number of global players have exited the Indian mutual fund business.

Edelweiss Asset Management announced the acquisition of global giant JPMorgan's mutual fund business in India in March, and Reliance Capital Asset Management last year announced takeover of global giant Goldman Sachs' mutual fund business in India.

Standard Chartered sold its MF business in India to IDFC in 2008, Fidelity sold its mutual fund to L&T Finance in 2012, while HDFC MF acquired Morgan Stanley's fund business here last year. Besides, Birla Sunlife had acquired ING Mutual Fund while Kotak MF has bought PineBridge MF.