New Delhi: As its participation was not conforming to the modified guidelines of Securities and Exchange Board of India (SEBI), realty firm DLF has sold its 39 percent stake in mutual fund (MF) joint venture DLF Pramerica Asset Managers to partner Prudential Finance. As per the SEBI guidelines, DLF does not qualify to be a sponsor for a mutual fund with its less than five years of track record in the financial services, reports PTI. "DLF's decision to exit from this area of business was triggered due to changes by SEBI in its evaluation criteria for getting approval to the joint venture mutual fund to commence its business," a release said. In December 2007, DLF had signed an agreement to set up a MF joint venture DLF Pramerica Asset Managers, with Prudential Finance picking up 61 percent and the remaining to be subscribed by DLF. Following DLF's exit, the asset management business would be named as Pramerica Asset Managers, the release said. However, the life insurance venture between the two parties would continue to work as usual, a joint statement said here. DLF owns 76 percent in the venture. New York Stock Exchange-listed Prudential Finance is a financial services provider with around $641 billion of assets under management as on September 30, 2009.