Securities and Exchange Board of India (SEBI) has
cancelled Sahara Asset Management Company's
license today, saying it is not fit to carry out the business
of mutual fund.
Sahara's fund management license would reportedly
stand cancelled two months from the date of the order.
As per reports, the market regulator has directed Sahara
AMC not to take any new subscription from the investors
including existing investors in systematic investment
plans.
It has also asked them not to levy any penalties on the
investors for not depositing the installments. (Business Standard).
Data storage norm splits digital payments industry India’s nascent digital payment industry could be thrown into disarray due to the demand by the Reserve Bank of India (RBI) that all user data be stored within the country, fears an industry grouping, which has termed the decision as “heavy-handed”, even as others, including the country’s largest digital payment provider Paytm, have hailed the move. In a bid to narrow the growing schism, the industry is planning to send a formal representation to the regulator highlighting its concerns, a top official told ET. “We are trying to build a consensus on the issue," said the person adding that the representation to the central bank will be ready this week. RBI on April 6, mandated all payment companies—global and local—to set up data storage facilities within India by October. The stringent six-month deadline has attracted the ire of several sections of the industry that fear it will lead to a disruption of wel...
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