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Transfer of mutual fund schemes of IDBI Mutual Fund to LIC Mutual Fund

Deal
January 6, 2023

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.

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Tags CCI, JSA, Leading Law Firm, Leading Lawyers, Mutual Funds, Scheme Transfer Agreement, SEBI

Aditi Khanna Senior Associate

Aditi is a competition / antitrust lawyer, who recently completed her post-graduation.

Ela Bali Partner

Ela is a partner with JSA’s competition law practice with more than 8 years of experience. She represents and advises clients across different sectors on enforcement and merger control matters before the CCI, NCLAT, Delhi and Bombay High Court, and the Supreme Court of India.

Reshma Oak Principal Associate

Reshma advises in the fields of mergers and acquisitions, corporate restructurings, joint ventures and general corporate advisory, domestic and cross-border.

Rinku Ambekar Partner

Rinku has a diverse corporate practice focused on cross-border M&A representing clients in the United States, Europe, Singapore, Malaysia, Japan, Australia and her experience extends to takeovers, buyouts, private equity transactions, creation of joint ventures, strategic alliances, stock acquisitions, business acquisitions, asset acquisitions, restructurings, corporate governance, commercial and corporate agreements.

Vaibhav Choukse Partner and Head of Practice

Vaibhav is heading the Firm’s Competition Law Practice and has been practicing competition law since its inception in India. He focuses on complex enforcement/ litigation and merger control cases and represents and advises clients on a broad range of competition law issues spanning across several sectors.