SAT asks One Life Capital to make fresh application with Sebi to buy Sahara Mutual Fund

The Securities Appellate Tribunal (SAT) has directed One Life Capital Advisors Ltd to make a fresh application with the market regulator Sebi by May 10 seeking its approval to buy Sahara Asset Management Company.

"We direct One Life Capital Advisors to make a fresh application on or before May 10, 2018, seeking approval of Sebi for being the sponsor by purchasing 100 per cent equity capital of Sahara Asset Management Company," the tribunal said in an order dated May 3.

Last month, the tribunal had allowed Sahara Group to withdraw the plea against Sebi order that directed Sahara Mutual Fund to wind up its schemes.


Prior to that, Sebi had last month asked Sahara Mutual Fund to wind up all its schemes. Against this order, Sahara Group had moved the tribunal.

Sahara Group has been engaged in a long-running regulatory and legal battle with Sebi ever since it ordered a 24,000-crore refund by two Sahara entities.

In July 2015, Sebi had cancelled Sahara Mutual Fund's registration saying it was no longer "fit and proper" to carry out the business and ordered transfer of its operations to another fund house. It had also directed cancellation of Sahara Mutual Fund's registration on expiry of a six-month period.

Following the Sebi order, Sahara Mutual Fund had approached the tribunal which granted six weeks to the appellants to approach the Supreme Court. Subsequently, the fund house had filed an appeal in the Supreme Court.

The appeal was dismissed by the apex court in October 2017. Thereafter, Sebi had instructed Sahara Mutual Fund to strictly comply with the timeline specified in its July 2015 order.

In its order, last month, Sebi had modified its earlier directive.