The Competition Commission of India (CCI) approved the purchase of 100 per cent share capital of L&T Investment Management Ltd (L&T AMC), which will sell its mutual fund business to HSBC Asset Management Pvt Ltd (HSBC AMC) for $425 million. The deal involves the acquisition of 100 per cent share capital of L&T AMC by HSBC AMC and its nominees from L&T Finance Holdings Ltd and its nominees.

Similarly, the sponsorship, trusteeship, management, and administration of L&T Mutual Fund schemes managed by L&T AMC will change. HSBC AMC will now work and operate the L&T MF schemes, and HSBC Trustee will be appointed as the trustee of L&T MF, according to the notification. L&T MF will be an essential part of HSBC Mutual Fund schemes due to the acquisition. HSBC AMC is the asset management entity for HSBC Mutual Fund schemes (HSBC MF). It is liable for managing investments of money pooled in via investments in HSBC MF.