The Economic Times daily newspaper is available online now.

    Sebi gives in-principle approval for change in control of HDFC AMC

    Synopsis

    "Sebi has granted its in-principle approval for the proposed change in control of HDFC Asset Management Company Limited along with the change in one of the cosponsor(s) of HDFC Mutual Fund from HDFC Ltd to HDFC Bank" the asset management firm said in a regulatory filing to the stock exchanges on Friday.

    Sebi gives in-principle approval for change in control of HDFC AMCReuters

    INSIGHTS

    Read Stock Insights by ET for a quick analysis

    Explore Now
    Capital markets regulator Sebi has granted in-principle approval for change in control of HDFC Asset Management Company along with change in one of the co-sponsors of HDFC Mutual Fund from HDFC Ltd to HDFC Bank. The change in control will happen following the merger of HDFC and HDFC Bank.

    In April, HDFC Bank and its parent company Housing Development Finance Corporation (HDFC) got approvals from their respective boards for the proposed scheme of amalgamation.

    "Sebi has granted its in-principle approval for the proposed change in control of HDFC Asset Management Company Limited along with the change in one of the cosponsor(s) of HDFC Mutual Fund from HDFC Ltd to HDFC Bank" the asset management firm said in a regulatory filing to the stock exchanges on Friday.

    HDFC AMC is the investment manager to the schemes of HDFC Mutual Fund. Currently, HDFC and abrdn Investment Management Ltd (erstwhile Standard Life Investments Ltd) are the sponsors of the fund house.

    Last month, the Reserve Bank of India (RBI) and Pension Fund Regulatory and Development Authority (PFRDA) approved the HDFC-HDFC Bank merger.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more


    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

    Stories you might be interested in