Bandhan-led consortium's IDFC MF acquisition to conclude this month

Capital market regulator Securities and Exchange Board of India has granted "no objection" to IDFC Mutual Fund about its proposed change in ownership.

Banking sector regulator Reserve Bank of India (RBI) and the Competition Commission of India (CCI) have also given their approval earlier.

The logo of rechristened entity will be different from that of Bandhan Bank as the regulators were not in favour of such a proposal, he said.

"The fund’s name will be Bandhan Mutual Fund and the logo will not be identical to that of Bandhan Bank. The regulators have said that the brand logos should be different as the asset management company (AMC) is not owned by the bank though owned by the same holding company," the official said.

IDFC Mutual Fund has been acquired by the consortium comprising Bandhan Financial Holdings Limited (BFHL), GIC and ChrysCapital.

Bandhan is to hold 60 percent (of the acquired entity) with control of operations and the other two will hold 20 percent each in the AMC. BFHL will be the sponsor of the mutual fund.

The consortium of incoming shareholders envisages continuity of the current management team and investment processes at IDFC AMC.

"As a result, the unit holders of IDFC MF would continue to benefit from the same high‐quality investment approach and focus that IDFC AMC is reputed for," the fund house had said earlier.

IDFC AMC is among the top 10 asset management companies in the country with average assets under management of about Rs 1.2 lakh crore. It offers products across equities, fixed-income, and hybrid.