23rd August 2005: The Securities and Exchange Board of India (SEBI) has cancelled the registration of SUN F&C Mutual Fund and has also withdrawn the approval granted to SUN F&C Asset Management (I) Pvt Ltd to act as the asset management company following their request.
SEBI Whole Time Member Madhukar, in his order, said the SUN F&C Mutual Fund, the Board of Trustees of SUN F&C Mutual Fund and the SUN F&C Asset Management cannot carry out any activity as a mutual fund, trustees or asset management company with immediate effect.
Earlier, the company had handed over the various schemes floated by it and the full responsibilities for management and administration of schemes to the Principal Mutual Fund, SEBI said in a release.
Further, the schemes which are not being handed over to Principal Mutual Fund have been closed as per the procedure.