Principal Mutual Fund ceases to exist as mutual fund: Sebi

Capital markets regulator Sebi on Thursday said Principal Mutual Fund (PMF) now ceases to exist as a mutual fund.

This comes after Asset Management Private Limited (Principal AMC) had informed Sebi that it wanted to surrender the registration granted to PMF by the regulator.

Following this, Sebi accepted the request for surrender of certificate of registration of PMF.

“Consequently, PMF ceases to exist as a mutual fund with effect from June 2, 2022,” the Securities and Exchange Board of India (Sebi) said in a statement.

It further said PMF will continue to be liable for all liabilities, including monetary penalties, violations, if any, of the provisions of Sebi Act and mutual fund rules that have taken place before its surrender of certificate of registration.

In January 2021, Sundaram Asset Management Company announced acquiring smaller rival Principal Asset Management for an undisclosed sum.

Principal had over Rs 7,447 crore in assets under management as on December 2020, with 90 per cent of them being in equity-oriented schemes.

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