The Securities and Exchange Board of India today cancelled the registration certificate of JPMorgan Mutual Fund following the transfer of its schemes to Edelweiss Mutual Fund.
The market regulator has also withdrawn the approval given to JPMorgan Asset Management India to act as an asset management company to JPMorgan Mutual Fund.
In a release, SEBI said pursuant to transfer of schemes of JPMorgan Mutual Fund to Edelweiss Mutual Fund and at the request of JPMorgan Mutual Fund, the regulator, vide its letter dated June 13, 2018 has cancelled the certificate of registration of JPMorgan Mutual Fund.
The regulator has “withdrawn” the approval granted to JPMorgan Asset Management India to act as an AMC to the mutual fund, it said.
“Consequently, with immediate effect, the JPMorgan Mutual Fund, JPMorgan Mutual Fund India Pvt. Ltd. (trustee company) and JPMorgan Asset Management India Pvt. Ltd. cannot carry out any activity as a mutual fund, trustee company and asset management company, respectively,” SEBI said.
In March 2016, Edelweiss Asset Management had announced the acquisition of JPMorgan’s mutual fund business in India.
Subsequently, in May 2016, Edelweiss had received the approval from the Competition Commission of India to acquire mutual fund business of JPMorgan in India.