Sebi ends assessment of OneLife as firm calls off bid for Sahara MF

The firm, which hit a stonewall thrice over its sponsorship bid, finally informed Sebi of its decision to withdraw due to a drop in Sahara MF's net worth and exit of top execs

Onelife Capital Advisors (OCAL) has withdrawn its application to become a sponsor of Sahara Mutual Fund (MF), with the Securities and Exchange Board of India (Sebi) also calling off its proceedings against company to assess the fit and proper criteria of the firm.

OCAL had filed an application with Sebi in March, 2018, to become a sponsor of Sahara MF. However, the market regulator returned the application in April, as the company did not satisfy the eligibility criteria to act as sponsor of an MF as mandated in regulation 7(a)(iv) of MF regulations.

This provision required that the sponsor should have profits