In a minor reprieve for Sahara Mutual Fund, the Securities Appellate Tribunal (SAT) has stayed SEBI’s order against the asset management company till it issues further notice.
Last week, SEBI had asked Sahara Mutual Fund to wind up its mutual funds business by April 21. However, the fund house was allowed to run its ELSS Sahara Tax Saving Gain Fund for four more months as such funds come with a lock-in period of three years.
Following the SEBI order, Sahara Mutual Fund had approached the tribunal. “Sahara gets a major reprieve on Friday when SAT stayed SEBI 11 April 2018 order directing Sahara Mutual Fund to wind up all schemes except Tax Gain Fund and refund the amount to investors on or before 21 April 2018,” the Sahara Group said in a statement.
The fund house manages AUM of Rs.64 crore as on March 2018.
