Mumbai, Feb 14: Securities and Exchange Board of India has cancelled the registration of pioneer ITI Mutual Fund after its existing schemes were sold to Templeton Mutual Fund. "The approval granted to Pioneer ITI AMC Ltd, the asset management company, has also been withdrawn. Consequently, the mutual fund, trustee company or asset management company cannot carry out any activity in mutual fund segment", a SEBI release said here today.
All investors of mutual fund schemes were given an exit option prior to handing over control of schemes to Templeton MF, it said.
Pioneer ITI MF, erstwhile Kothari Pioneer Mutual Fund, was granted registration under the SEBI (Mutual Funds) Regulations, on August 26, 1993. Bureau Report