July 16, 2003
PR No. 173/2003

Subject: Cancellation of Certificate issued to Zurich India Mutual Fund.

Zurich India Mutual Fund was granted the certificate of registration under the SEBI (Mutual Funds) Regulations, 1996. As a result of change in control, Zurich India Mutual Fund has now handed over all their existing schemes to HDFC Mutual Fund after giving an exit option at prevailing NAV without exit load to all the unitholders in accordance with the provisions of the SEBI (Mutual Funds) Regulations, 1996. 
SEBI has now cancelled the certificate of registration to Zurich India Mutual Fund and the approval granted to Zurich Asset Management Company (India) Private Ltd, the asset management company has been withdrawn. Consequently, the mutual fund, trustee company or asset management company cannot carry out any activity as a mutual fund, trustees or asset management company, as the case may be, in accordance with the regulations.