IDBI Bank-sponsored IDBI Mutual Fund has signed an agreement to transfer its schemes to LIC Mutual Fund, the bank said in an exchange filing today.
T.S. Ramakrishnan, the MD and CEO of LIC Mutual Fund, had stated in September that the fund house was in the early stages of purchasing IDBI Mutual Fund.
Due to the Securities and Exchange Board of India regulations (SEBI) prohibiting one promoter from owning more than 10% of two mutual funds, IDBI Mutual Fund has to be either sold or merged with LIC Mutual Fund.
In 2019, the promoter of LIC MF, Life Insurance Corp of India (LIC), acquired a majority share in IDBI Bank.
VIDEO: Bengaluru Shocked As Fake RBI Officials Flee With ₹7 Crore From ATM Cash Van
Maharashtra DyCM Eknath Shinde Rushes To Delhi After Sena Ministers Boycott Cabinet Meet; Seat-Sharing Tensions Escalate In Mahayuti
PM-Kisan Scheme: More Than ₹3.70 Lakh Crore Disbursed To Over 11 Crore Farmer Families
Former Indian Cricketer Harbhajan Singh Shakes Hands With Pakistan's Shahnawaz Dahani After Abu Dhabi T10 Clash; Video
