On December 29, 2022 IDBI AMC, IDBI Trustee, LIC AMC and LIC Trustee have signed a Scheme Transfer Agreement for transfer of all existing mutual fund schemes of IDBI Mutual Fund to LIC Mutual Fund. The completion of the transaction, yet to occur, will result in (i) IDBI Trustee handing over the trusteeship of the IDBI MF Schemes to LIC Trustee; (ii) the asset management rights over the IDBI MF Schemes will be transferred by IDBI AMC to LIC AMC, and (iii) the transferred mutual fund schemes will form part of the LIC Mutual Fund.
The transaction is subject to approvals of the Securities and Exchange Board of India and the Competition Commission of India.
JSA Transaction Team Comprised Partner – Rinku Ambekar, Senior Associate – Reshma Oak, and Associate – Piyush Langade.
JSA Competition Team Partner & Head of Practice (Competition Law) – Vaibhav Choukse, Principal Associate – Ela Bali, and Senior Associate – Aditi Khanna.