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HDFC Bank on Wednesday said markets regulator Securities and Exchange Board of India (Sebi) has granted its final approval for the proposed change in control of HDFC AMC. This approval will help pave the way for the merger of HDFC into HDFC Bank, expected to be finalised by the third quarter of the next financial year. Sebi, through its letter dated May 10, 2023 to HDFC Asset Management Company Limited, a subsidiary of HDFC Ltd and the investment manager of HDFC AMC AIF II, has granted its final approval for the proposed change in control of HDFC AMC, the private sector lender said in a stock exchange filing. "SEBI has also advised HDFC AMC to ensure compliance with all other provisions of SEBI (Alternative Investment Fund) Regulations, 2012 and circulars issued thereunder," it added. Termed as the biggest transaction in India's corporate history, HDFC Bank on April 4 last year agreed to take over the biggest domestic mortgage lender in a deal valued at about USD 40 billion, creati
The deal had run into troubles with Irdai rejecting the structure for the merger