Principal Mutual Fund (Principal AMC) will stop to exist as a mutual fund from June 2, capital markets regulator Sebi introduced on Thursday. The AMC had knowledgeable the markets regulator that it needs to give up the registration granted by the regulator. “Sebi has accepted the request for surrender of certificate of registration of PMF. Consequently, PMF ceases to exist as a mutual fund w.e.f. June 2, 2022,” mentioned Sebi in a press release.
In January 2021, Principal AMC, managing belongings value greater than 9,500 crore, was acquired by Sundaram Mutual Fund for
338.53 crore for 100% of the share capital of the AMC, Principal Trustee Company, and Principal Retirement Advisors. The schemes managed by Principal Asset Management will likely be acquired by Sundaram MF.
Further, all traders and distributors of Principal India schemes will grow to be traders/distributors of Sundaram MF. Sundaram MF presently manages AUM of greater than Rs 45,000 crore.
The deal acquired the required regulatory approvals from the Competition Commission of India (CCI) and from Sebi in November 2021.
According to Sebi, Principal MF will proceed to be chargeable for all liabilities/obligations, together with financial penalties, if any, for violations, if any, of the provisions of Sebi Act and MF laws which have taken place earlier than its give up of certificates of registration.
Source: www.financialexpress.com”