HDFC Asset Management Company approved by the markets regulator Securities and Exchange Board for change in control due to the proposed HDFC-HDFC Bank merger.
‘SEBI has granted its final approval for change in control of the Company due to change in co-sponsor of HDFC Mutual Fund from HDFC Ltd to HDFC Bank; subject to compliance with all other provisions of SEBI (Mutual Funds) Regulations, 1996 and circulars issued thereunder,’ the AMC said in a regulatory filing.
The company has also received approval for change in one of the cosponsors of HDFC Mutual Fund from HDFC Ltd to HDFC Bank pursuant to the scheme becoming effective.
The merger is all set to conclude by July this year.
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