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With completion of acquisition of its schemes by Sundaram Mutual, Principal Asset Management has surrendered its registration granted for running mutual fund business in India.
In a statement on Thursday, Sebi said Principal Asset Management (Principal AMC) has informed that it wants to surrender the registration granted to Principal Mutual Fund by Sebi.
PMF will continue to be liable for all liabilities/obligations that have taken place before its surrender of certificate of registration. Sebi has accepted the request for surrender of certificate of registration of PMF. Consequently, Sebi said PMF ceases to exist as a mutual fund from June 2.
In January, Sundaram MF said it has completed acquisition 28 open-ended schemes including 12 in equity, five in hybrid, nine debt funds, and one each in index fund and overseas fund-of-funds. Last January, Sundaram MF expressed its intention to buy Principal MF for ₹338 crore and received approval in November 2021.
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