Market regulator Sebi today said it has cancelled registration of Dutch financial services group Aegon to operate mutual fund business in the country.
Aegon had approached the Securities and Exchange Board of India (Sebi) seeking cancellation of its licence.
"At the request of Aegon Mutual Fund, Sebi has cancelled the certificate of registration of AEGON Mutual Fund and has withdrawn the approval granted to AEGON Asset Management Company Pvt Ltd to act as the Asset Management Company," Sebi said in a statement.
With immediate effect, Aegon Mutual Fund, Aegon Trustee Company Pvt Ltd and Aegon Asset Management Company Pvt Ltd cannot carry out any activity as a Mutual Fund, Trustee Company and Asset Management Company respectively, it added.
In 2008 Aegon got Sebi approval to launch asset management business in India in partnership with Religare Enterprises. However, barely a month after that the Dutch financial services firm and Religare Enterprises decided to part ways.
A host of asset management companies in the 41 member mutual fund industry currently has foreign partner. As at the end of June quarter, the industry managed average assets worth Rs 7.43 lakh crore.