Embattled Sahara Group on Friday said the Securities Appellate Tribunal (SAT) has stayed an order from markets regulator Sebi which directed Sahara Mutual Fund to wind up its schemes.
The next hearing will be on April 26, Sahara Group said in a statement. In an order passed last week, the Securities and Exchange Board of India (Sebi) had asked Sahara Mutual Fund to wind up all its schemes.
All schemes, except one, had to be wound up by April 21. However, the fund house was allowed to continue its Sahara Tax Gain Fund’ till July 27 but without accepting any new investor. This particular scheme had to be wound up by August 27, as per Sebi’s directive.
Following the regulator’s order, Sahara Mutual Fund had approached the tribunal.
“Sahara gets a major reprieve today when SAT stayed Sebi’s April 11, 2018 order directing Sahara Mutual Fund to wind up all schemes except Tax Gain Fund and refund the amount to investor on or before April 21, 2018,” the statement noted.