Securities and Exchange Board of India (SEBI) has cancelled Sahara Asset Management Company's license today, saying it is not fit to carry out the business of mutual fund.

Sahara's fund management license would reportedly stand cancelled two months from the date of the order.

As per reports, the market regulator has directed Sahara AMC not to take any new subscription from the investors including existing investors in systematic investment plans.

It has also asked them not to levy any penalties on the investors for not depositing the installments. (Business Standard)