BNP Paribas MF ceases to exist as a mutual fund: Sebi

BNP Paribas Mutual Fund ceases to exist as a mutual fund, capital markets regulator Sebi said on Wednesday.

This comes after BNP Paribas Asset Management Company Private Limited (BNPP AMC) informed Sebi that it wanted to relinquish the registration granted to BNP Paribas Mutual Fund by the market regulator following a change in control.

Following this, Sebi accepted the request for the surrender of the registration certificate of BNP Paribas MF (BNPP MF). “Therefore, BNPP MF ceases to exist as a mutual fund with effect from 13 April 2022,” the Securities and Exchange Board of India (Sebi) said in a statement.

In addition, BNPP AMC has agreed that the surviving AMC — Baroda BNP Paribas Assets Management India — and the surviving Trustee — Baroda BNP Paribas Trustee India — will continue to be liable for all liabilities/obligations, including pecuniary penalties, if any, for violations, if any, of the provisions of the Sebi law that occurred prior to its delivery of the registration certificate.

“Combining Forces”

Last month, Bank of Baroda and BNP Paribas Asset Management announced that they had entered into a strategic partnership combining the strengths of their respective asset management businesses to form “Baroda BNP Paribas Mutual Fund”.

Bank of Baroda, the parent company of Baroda AMC, will own 50.1% of the combined entity, while BNP Paribas AMC, the asset management arm of BNP Paribas, a leading European bank, will own the 49.9% remaining.

Published on

April 14, 2022

Dolores W. Simon