The Competition Commission of India (CCI) approves merger of the BNP Paribas (BNPP) Mutual Fund and the Baroda (BOB) Mutual Fund, under Section 31(1) of the Competition Act, 2002

The Proposed Combination relates to merger of the BNP Paribas Mutual Fund and the BOB Mutual Fund. The Parties propose to amalgamate (i) BOB Asset Management Company (AMC) into BNPP AMC; and (ii) BNPP Trustee Company (TC) into BOB TC. After the merger BNPP AMC and BOB TC will be the surviving entities.

BNPP AMC is the dedicated AMC for BNPP Mutual Fund and acts as the investment manager of BNPP Mutual Fund. BNPP AMC is also a registered as Portfolio Manager under SEBI Regulations. It provides portfolio management services and advisory activities. BNPP TC is the trustee company of BNPP Mutual Fund.

BOB AMC is the dedicated AMC for BOB Mutual Fund and acts as the investment manager of BOB Mutual Fund. BOB TC acts as the trustee for BOB Mutual Fund.

Detailed order of the CCI will follow

Merger approval under the Competition Act enables amalgamation of BNPP and BOB mutual fund managers and trustees. Approval under Section 31(1) authorises consolidation of BNP Paribas Mutual Fund and Baroda Mutual Fund by amalgamating BOB AMC into BNPP AMC and BNPP Trustee Company into BOB Trustee Company, with BNPP AMC and BOB TC as the surviving entities; BNPP AMC is also registered as a Portfolio Manager providing portfolio management and advisory services, while both entities' trustee and AMC roles are preserved in the restructured arrangement.