Sebi scraps JP Morgan MF's registration

New Delhi: Markets regulator Sebi on Wednesday cancelled the registration certificate of JP Morgan Mutual Fund following the transfer of its schemes to Edelweiss Mutual Fund.

Besides, the Securities ad Exchange Board of India (Sebi) has withdrawn the approval given to JP Morgan Asset Management India to act as an asset management company (AMC) to JP Morgan Mutual Fund.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 a release, Sebi said pursuant to transfer of schemes of JP Morgan Mutual Fund to Edelweiss Mutual Fund and at the request of JP Morgan Mutual Fund, the regulator, vide its letter dated June 13, 2018 has cancelled the certificate of registration of JP Morgan Mutual Fund. The regulator has "withdrawn" the approval granted to JP Morgan Asset Management India, to act as an AMC to the mutual fund, it added.

"Consequently, with immediate effect, the JP Morgan Mutual Fund, JP Morgan Mutual Fund India Pvt Ltd (trustee company) and JP Morgan Asset Management India Pvt Ltd cannot carry out any activity as a mutual fund, trustee company and asset management company, respectively," Sebi said. 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.