Sundaram receives Sebi nod for purchase of Principal AMC in India

Sundaram Asset Management Company Ltd, the 100% subsidiary of Sundaram Finance Ltd, has received regulatory approval from Sebi for the purchase of the asset management businesses of Principal Asset Management Pvt Ltd. Sundaram Asset Management Company would acquire the schemes managed by Principal India and 100% of the share capital of Principal Asset Management Pvt Ltd. Post the deal closure, the schemes currently managed by Principal India and Sundaram would either be merged or renamed as Sundaram schemes in their respective categories. The investors and distributors of Principal India schemes would come under Sundaram and a wider range of schemes would be available to more than two million combined investor base.