L&T 'Mutual Fund' Ceases To Exist As Mutual Fund: Sebi

L&T Mutual Fund ceases to exist as a mutual fund, capital markets regulator Sebi said on Monday. This comes after L&T Mutual Fund Trustee Ltd had informed Sebi that it wanted to surrender the registration granted to L&T Mutual Fund (L&T MF) by the markets regulator pursuant to the approval of change in control of L&T Investment Management Ltd and merger of schemes of L&T MF with HSBC Mutual Fund. Following this, Sebi has accepted the request for surrender of L&T MF's certificate of registration.

"Consequently, L&T MF ceases to exist as a mutual fund with effect from April 6, 2023," the Securities and Exchange Board of India (Sebi) said in a statement. Further, it said L&T MF will continue to be liable for all liabilities/ obligations, (including monetary penalties) for violations of the provisions of the Sebi Act and (Mutual Fund) regulations that have taken place before its surrender of certificate of registration.