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Kolkata: Bandhan Financial Holdings Ltd’s (BFHL’s) plan to enter into the mutual fund business has crossed another hurdle with market regulator Securities & Exchange Board of India giving no-objection to its purchase of IDFC’s stake in IDFC Asset Management Company.

Sebi‘s approval letter was issued on November 29. The Reserve Bank of India and Competition Commission of India had already approved the takeover.

A consortium led by Bandhan Financial Holdings, which is the promoter of

, in April won the bids to purchase 99.96% stake in the asset management company and 100% stake in IDFC AMC Trustee Company. The winning group includes Lathe Investment Pte. Ltd, an affiliate of Singapore sovereign wealth fund GIC; and Tangerine Investments, a part of local equity fund ChrysCapital.

The deal is valued at Rs 4,500 crore.

Sebi told the AMC to separately seek approval for change in directors of the

AMC Trustee Company. ET has reviewed a copy of the approval letter.

BFHL was created to act as the promoter of Bandhan Bank and to hold the investment in the bank as well as all other financial services entities of the group.

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