LIC Mutual Fund: LIC Mutual Fund is planning to absorb IDBI Mutual Fund

LIC Mutual Fund has started the process of absorption IDBI Mutual Fund After two attempts to find buyers for mutual funds failed to meet regulatory norms. IDBI MF promoted by IDBI Bank had to either be sold or merged with LIC MF, as under SEBI rules, a promoter cannot hold more than 10% stake in two mutual funds. Life Insurance Corporation of India (LIC), promoter of LIC MF, took a controlling stake in in 2019. T Ramakrishnan, MD, LIC Mutual Fund said, “As part of regulatory compliance, LIC MF has…