CCI clears Birla Sun Life’s ING MF buy

The Competition Commission of India (CCI) has approved Birla Sun Life AMC’s acquisition of ING Mutual Fund’s schemes. In an order on Tuesday, CCI said “the total size of the market in terms of the average assets under management for all the mutual funds was ₹9.05 crore as on March 31. It is observed that the share of the ING MF schemes in the total AAUM for all the mutual funds in India is insignificant.” Ruling that the acquisitions of ING entities by Birla Sun Life did not provide any significant addition in their market share, CCI approved the acquisition. Our Bureau