Capital market regulator Securities and Exchange Board of India (Sebi) on Monday said that L&T Mutual Fund has ceased to exist as a mutual fund. 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.

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Following this, Sebi has accepted the request for surrender of L&T MF's certificate of registration.

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Consequently, L&T Mutual Fund ceases to exist as a mutual fund w.e.f. April 06, 2023.

L&T Mutual Fund will continue to be liable for all liabilities/obligations (including monetary penalties)for violations of the provisions of the Sebi Act and Sebi (Mutual Fund) Regulations, 1996 that have taken place before its surrender of certificate of registration.

Meanwhile, mutual funds remained bullish on the Indian equities in 2022-23 and invested Rs 1.82 lakh crore largely due to a strong interest from retail investors and the correction in the market that led to reasonable valuation.

This comes following a similar amount of Rs 1.81 lakh crore invested by mutual funds in the stock market in preceding financial year 2021-22 (FY22). Before that, they had pulled out Rs 1.2 lakh crore from equities in 2020-21, according to the data with the Securities and Exchange Board of India (Sebi).

Going ahead, equity outlook for the current financial year (FY24) will start improving in a couple of quarters once inflation starts coming down in the US and its central bank -- US Federal Reserve -- will change its policy stance from hawkish to dovish, Rajiv Bajaj, Chairman and Managing Director of Bajaj Capital was quoted as saying in Press Trust of India (PTI) report.

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(Edited by : Anshul)