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A person who directly or indirectly, independently or in concert with relatives, exercises control over the Asset Management Company (AMC) or the trustee, among other entities, is referred to by the regulations as an associate.
SEBI, the capital markets authority, issued instructions for asset management firms (AMCs) on how to adhere to Indian Accounting Standards.
From the current holdings of mutual funds, ICICI Bank, Wipro, Infosys, and HDFC Bank were among the top additions by fund houses. On the other hand, HCL Tech, RBL Bank, and Bharat Electronics were among the top reductions, the report showed.
"Setting up of the AMC business will add value to Bajaj Finserv’s overall business. Since, the company already has a strong distribution network and client base through its lending and insurance subsidiaries, we believe this presents a good opportunity for high growth," ICICI Securities said in an official note.
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