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The Securities and Exchange Board of India has issued no objection to the proposed change in control of IDFC Asset Management (India) Ltd from IDFC Ltd to Bandhan Financial Holdings Ltd (BFHL) subject to certain conditions.
“This has reference to your applications dated May 05, 2022, on the captioned subject (Change in control of IDFC Mutual Fund) and subsequent communication in this regard. In light of your submissions, no objection of the Board is granted to the proposed change in control of IDFC Asset Management (India) Ltd under Regulation 22(e)(i) of SEBI (Mutual Funds) Regulations, 1996, from IDFC Ltd to Bandhan Financial Holdings Ltd (BFHL),” Sebi said on Tuesday.
The proposed change would be subject to compliance with the requirements spelt out under Regulation 22(e)(ii) and 22(e)(iii) of the SEBI (Mutual Funds) Regulations, 1996 and “Procedure for change in control of AMC” mentioned in SEBI Circular dated March 4, 2021, on mutual funds.
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The AMC will have to forthwith inform the board of any material change in the information or particulars previously furnished, which have a bearing on the approval granted by it and ensure compliance with all the provisions of SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder.
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“Based on the submissions made in the application, in addition to the no-objection to acquisition by BHFL, no-objection of SEBI is being also granted to Lathe Investment Pte Ltd (shareholding 20 per cent) and Tangerine Investments Ltd (shareholding 18.52 per cent), which is subject to conditions specified in SEBI circular, dated March 04, 2021,” it said.
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