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.