Market regulator the Securities and Exchange Board of India (Sebi) today said it had cancelled the registration of Benchmark Mutual Fund following its buyout by Goldman Sachs MF.
"Pursuant to the transfer of schemes of Benchmark MF to Goldman Sachs MF, Sebi has cancelled the certificate of registration of Benchmark MF," the regulator said in a statement.
Goldman Sachs MF had approached the Sebi seeking cancellation of the licence of Benchmark MF, it said.
At the time of acquisition in March, Benchmark MF managed assets worth around Rs 3,000 crore mainly through exchange traded funds.
Benchmark was founded in 2001 and its buyout process is expected to be completed by year-end.
Goldman Sachs Asset Management got market regulator Sebi's approval in 2008 to start mutual business in India.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app