Business

SEBI Cancels JP Morgan Mutual Fund’s License

ANANYA BHATNAGAR | 0
2003
| June 13 , 2018 , 19:32 IST

Securities Exchange Board of India (SEBI) on Wednesday cancelled the registration of JP Morgan mutual funds after the transfer of its schemes to Edelweiss Mutual Fund.  

A report by the securities market regulator says “With immediate effect, the JP Morgan Mutual Fund, JP Morgan Mutual Fund India Private Limited (Trustee Company) and JP Morgan Asset Management India Private Limited cannot carry out any activity as a Mutual Fund, Trustee Company and Asset Management Company respectively.”

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Besides this Sebi has withdrawn the approval given to JP Morgan Asset Management India to act as an asset management company (AMC) to JP Morgan Mutual Fund.

In March 2016, Edelweiss Asset Management had announced the acquisition of JP Morgan’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 JP Morgan in India.

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JPMorgan Chase & Co. is an American multinational investment bank and financial services company headquartered in New York City. In addition to being the largest bank in the United States, JPMorgan is the world's second most valuable bank by market capitalization