Sebi cancels ING Mutual Fund registration

Capital markets regulator Sebi has cancelled the registration of ING Mutual Fund with immediate effect on account of transfer of all the fund house's schemes to Birla Sun Life Mutual Fund.

Securities and Exchange Board of India said it has "cancelled the certificate of registration of ING Mutual Fund and has withdrawn the approval granted to ING Investment Management (India) Private Ltd, to act as the Asset Management Company to the Mutual Fund.

"Consequently, with immediate effect, the ING Mutual Fund, the Board of Trustees of ING Mutual Fund and ING Investment Management (India) Private Ltd, cannot carry out any activity as a Mutual Fund, Trustee Company and Asset Management Company respectively."

The move follows the transfer of schemes of ING Mutual Fund to Birla Sun Life Mutual Fund.

In May last year, Birla Sun Life MF, part of Aditya Birla Financial Services Group, had announced that it would acquire the assets of ING Investment Management India.

Birla Sun Life MF will merge all the 26 schemes offered by ING MF with its own funds.