New Delhi, Sept. 1 -- The Delhi High Court on Monday asked the market regulator to take charge of the winding up of the fraud-hit Arihant Mangal (Growth) Scheme, launched by CRB Capital Markets Ltd more than three decades ago.

Justice Pratibha M. Singh dissolved the Special Committee formed in 2013 that had been overseeing the mutual fund scheme, noting that it had failed to properly discharge its duties, and directed the Securities and Exchange Board of India (Sebi) to assume full responsibility for completing the winding up.

Singh directed Sebi to form a Special Cell to take control of all records, pending proceedings, and remaining funds, and mandated a forensic audit of the mutual fund scheme.

The winding up is now to be completed ...