Informist, Friday, Mar 24, 2023
--LIC MF ED Prabhu: 10 schemes of IDBI MF will be merged with LIC MF
By Kshipra Petkar
MUMBAI – The Securities and Exchange Board of India is likely to approve the merger of IDBI Mutual Fund with LIC Mutual Fund in a week, LIC Mutual Fund's Executive Director and Business Head Nityanand Prabhu told Informist.
Once the approval is in place, IDBI Mutual Fund unit holders will be given an option to exit from the scheme within 30 days after which, LIC Mutual Fund will start amalgamation process of the schemes, Prabhu said.
After the transfer, schemes of IDBI Mutual Fund will be a part of LIC Mutual Fund and LIC Asset Management Co will be the asset manager for the schemes.
On Wednesday, the Competition Commission of India approved the acquisition of schemes of IDBI Mutual Fund by LIC Mutual Fund.
Prabhu did not detail the schemes that will be merged, but said the mandate is that they cannot continue with similar schemes.
Out of the 20 schemes of IDBI Mutual Fund, 10 will be merged with LIC Mutual Fund's existing schemes, Prabhu said. The list of schemes has been submitted to SEBI along with the fund house merger application.
Looking at the schemes of both fund houses -- short term bond fund, ultra short term fund, gilt fund, liquid fund, flexi cap fund, banking & financial services fund, Nifty 50 index fund and hybrid equity fund are the ones which are common between the two.
IDBI Mutual Fund has focused, value, midcap, health care and small cap schemes, which are not offered by LIC Mutual Fund.
Asked if LIC Mutual Fund is planning a dividend yield scheme, Prabhu said the fund house was contemplating a similar scheme, but there was already one product with IDBI Mutual Fund. End
Edited by Maheswaran Parameswaran
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Informist, Friday, Mar 24, 2023
--LIC MF ED Prabhu: 10 schemes of IDBI MF will be merged with LIC MF
By Kshipra Petkar
MUMBAI – The Securities and Exchange Board of India is likely to approve the merger of IDBI Mutual Fund with LIC Mutual Fund in a week, LIC Mutual Fund's Executive Director and Business Head Nityanand Prabhu told Informist.
Once the approval is in place, IDBI Mutual Fund unit holders will be given an option to exit from the scheme within 30 days after which, LIC Mutual Fund will start amalgamation process of the schemes, Prabhu said.
After the transfer, schemes of IDBI Mutual Fund will be a part of LIC Mutual Fund and LIC Asset Management Co will be the asset manager for the schemes.
On Wednesday, the Competition Commission of India approved the acquisition of schemes of IDBI Mutual Fund by LIC Mutual Fund.
Prabhu did not detail the schemes that will be merged, but said the mandate is that they cannot continue with similar schemes.
Out of the 20 schemes of IDBI Mutual Fund, 10 will be merged with LIC Mutual Fund's existing schemes, Prabhu said. The list of schemes has been submitted to SEBI along with the fund house merger application.
Looking at the schemes of both fund houses -- short term bond fund, ultra short term fund, gilt fund, liquid fund, flexi cap fund, banking & financial services fund, Nifty 50 index fund and hybrid equity fund are the ones which are common between the two.
IDBI Mutual Fund has focused, value, midcap, health care and small cap schemes, which are not offered by LIC Mutual Fund.
Asked if LIC Mutual Fund is planning a dividend yield scheme, Prabhu said the fund house was contemplating a similar scheme, but there was already one product with IDBI Mutual Fund. End
Edited by Maheswaran Parameswaran
For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.
Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.
Informist Media Tel +91 (22) 6985-4000
Send comments to feedback@informistmedia.com
© Informist Media Pvt. Ltd. 2023. All rights reserved.
