On January 30, 2014, CCI approved an acquisition of eight mutual fund schemes of Morgan Stanley Mutual Fund (‘MS Mutual Fund’) by HDFC Trustee Company Limited (‘HDFC Trustee’) and HDFC Asset Management Company Limited (‘HDFC AMC’), which is the trustee company and asset management company of the HDFC Mutual Fund.

 
While making an assessment, CCI observed that mutual funds in India are well regulated and that there were a large number of active mutual funds in India. Further, CCI noted that there do not seem to be any significant barriers restricting customers from switching from one mutual fund to another without incurring any significant cost.

 
In light of the above, CCI held that the proposed combination was not likely to have an Adverse Effect in India.

For further information, please contact:

Zia Mody, AZB & Partners
zia.mody@azbpartners.com

Abhijit Joshi, AZB & Partners 
abhijit.joshi@azbpartners.com

Shuva Mandal, AZB & Partners 
shuva.mandal@azbpartners.com

Samir Gandhi, AZB & Partners
samir.gandhi@azbpartners.com

Percy Billimoria, AZB & Partners 
percy.billimoria@azbpartners.com

Aditya Bhat, AZB & Partners 
aditya.bhat@azbpartners.com