Industry on WebNotes

Bandhan acquisition of IDFC Mutual Fund (2022)

Tue, 19 May 2026 00:00:00 +0000

In April 2022, Bandhan Financial Holdings (parent of Bandhan Bank) completed the acquisition of IDFC Asset Management from IDFC Limited, rebranding the AMC to Bandhan Mutual Fund . The deal valued IDFC MF at approximately Rs 4,500 crore and made Bandhan Bank a major participant in the Indian mutual fund industry, complementing its existing microfinance and retail banking operations.

For the Indian mutual fund industry, the Bandhan-IDFC deal was part of the 2022 consolidation wave that saw several mid-tier AMCs change hands.

HSBC acquisition of L&T Mutual Fund (2022)

Tue, 19 May 2026 00:00:00 +0000

In November 2022, HSBC Asset Management India completed the acquisition of L&T Investment Management’s mutual fund business from L&T Finance Holdings, integrating L&T MF into the HSBC franchise. The transaction valued L&T MF at approximately Rs 3,000 crore and added approximately Rs 75,000 crore in AUM to HSBC’s Indian asset management operations.

For the Indian mutual fund industry, the HSBC-L&T deal was part of a broader 2021-2022 consolidation wave that saw mid-tier AMCs being absorbed into larger global or domestic players.

Nifty BeES (2001): India's first ETF

Tue, 19 May 2026 00:00:00 +0000

Nifty Benchmark Exchange Traded Scheme (Nifty BeES), launched by Benchmark Asset Management in December 2001, was India’s first exchange-traded fund (ETF). The scheme tracked the NIFTY 50 index and laid the foundation for the Indian ETF segment, which has since grown from a single scheme in 2001 to over Rs 5 lakh crore in AUM by the mid-2020s, representing a major segment of the Indian mutual fund industry.

For the Indian mutual fund industry, Nifty BeES marked the introduction of a passive, exchange-listed investment vehicle that combined the diversification of mutual funds with the trading flexibility of stocks. The scheme established the operational and regulatory framework that subsequent Indian ETFs would follow.

Nippon Life acquisition of Reliance Mutual Fund (2019)

Tue, 19 May 2026 00:00:00 +0000

In October 2019, Nippon Life Insurance Company of Japan completed the acquisition of Reliance Nippon Life Asset Management’s mutual fund business from Reliance Capital, formally renaming the AMC to Nippon Life India Asset Management . The deal valued Reliance MF at approximately Rs 6,000 crore and made Nippon Life one of the top-tier AMCs in India by AUM. The transaction was driven by Reliance Capital’s broader financial distress and the need to monetise non-core assets.

Sundaram acquisition of Principal Mutual Fund (2021)

Tue, 19 May 2026 00:00:00 +0000

In December 2021, Sundaram Asset Management acquired Principal Asset Management’s Indian mutual fund business, integrating Principal MF into the Sundaram franchise. The acquisition added approximately Rs 9,000-10,000 crore in AUM to Sundaram MF and marked the exit of Principal Financial Group (US-headquartered) from the Indian mutual fund market.

For the Indian mutual fund industry, the Sundaram-Principal deal was part of the broader 2021-2022 consolidation wave, with several smaller-scale international AMCs exiting via acquisition by larger Indian or global players.