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SEBI cancels Aegon Mutual Fund licence

With immediate effect, Aegon MF, Aegon Trustee Company and Aegon AMC cannot carry out any activity, says Sebi

THE Securities and Exchange Board of India (Sebi) on Thursday cancelled the registration of Aegon Mutual Fund and withdrew the approval granted to Aegon Asset Management Company to act as the asset management company (AMC), acting on a request filed by the company.

Aegon Mutual Fund set shop in India in September 2008 after receiving Sebi approvals but hadn't started operations so far. Aegon Mutual Fund officials couldn't be contacted for their comments.

Aegon Mutual Fund, promoted by Dutch financial services major Aegon, had earlier made a request to Sebi to cancel its licence, Sebi said in a release issued on August 18.

"Consequently, with immediate effect, Aegon Mutual Fund, Aegon Trustee Company and Aegon Asset Management Company cannot carry out any activity as a mutual fund, trustee company and asset manage ment company, respectively," the regulator said.

For Aegon, the going was not good from the very beginning, as a month after getting Sebi's nod to launch mutual fund business, Aegon's 50:50 joint venture partner Religare Enterprises, decided to part ways. Religare set up its own mutual fund operations by acquiring Lotus India Mutual Fund.

Aegon then became lone promoters of erstwhile Religare Aegon Mutual Fund but remained inactive for almost three years.

Although, the two partners, decided to end their relationship in the mutual fund venture, there are still together in the life insurance business as partners of Aegon Religare Life Insurance.

After Aegon's exit, there are 44 mutual funds now operating in India.

 

 

 

 

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