Goldman Sachs MF had 12 schemes in operation, which it transferred to Reliance MF.
New Delhi: Markets regulator Sebi has cancelled the registration of Goldman Sachs Mutual Fund with immediate effect following the transfer of its schemes to Reliance Mutual Fund.
Sebi today said it has "cancelled the certificate of registration of Goldman Sachs Mutual Fund and has withdrawn the approval granted to Goldman Sachs Asset Management (India) Pvt Ltd, to act as the Asset Management Company to the Mutual Fund".
"Consequently, with immediate effect, Goldman Sachs Mutual Fund, Goldman Sachs Trustee Company (India) Pvt Ltd and Goldman Sachs Asset Management (India) Pvt Ltd cannot carry out any activity in India as a Mutual Fund, Trustee Company and Asset Management Company respectively".
The move comes following the transfer of schemes of Goldman Sachs MF to Reliance MF. Reliance Capital Asset Management, in October 2015, announced takeover of global giant Goldman Sachs' mutual fund business in India for Rs 243 crore in an all-cash deal. Goldman Sachs MF had 12 schemes in operation, which it transferred to Reliance MF.