Indiabulls Mutual Fund will now be Groww Mutual Fund

Mar 20, 2023

The board of directors of Indiabulls AMC have approved a sponsorship shift from Indiabulls Housing Finance to Nextbillion Technologies (NBT), the promoter of online investment platform Groww.

Previously, on May 10, 2021, Nextbillion Technology Pvt Ltd (NBT), Indiabulls Housing Finance Ltd (IBHFL), Indiabulls Asset Management Co Ltd (IBAMC) and Indiabulls Trustee Co Ltd (ITCL) have executed definitive agreements in terms of which, subject to the fulfilment of certain conditions precedent (including the receipt of necessary regulatory approvals), NBT proposes to become the new sponsor of Indiabulls Mutual Fund.

NBT is a SEBI-registered stockbroker, a depository participant, a research analyst, and an AMFI-registered mutual fund distributor. It provides one of the leading digital investment platforms, 'Groww,' with over 17 million customers scattered across India. Groww Inc., created by Lalit Keshre, Harsh Jain, Ishan Bansal, and Neeraj Singh, is a step down subsidiary of NBT.

Consequently, due to the change in control the names of Indiabulls AMC and Indiabulls Trustee will respectively change to Groww AMC and Groww Trustee, subject to necessary approvals.

Here are the proposed changes to the scheme names:

(Source: Indiabulls AMC letter to unitholders)


According to the notice issued, the above-mentioned change would result in change in control within the meaning of Regulation 22(e) of the MF Regulations. As per regulation 22(e), SEBI (Mutual Funds) Regulations, 1996 (MF Regulations), no change in control of an asset management company can be made unless the unitholders are given an option to exit on the prevailing Net Asset Value (“NAV”) without any exit load.

An exit option is being provided to such unit holders as on close of business hours on the record date being March 10, 2023 to exit from their investment in the Schemes of Indiabulls Mutual Fund at the prevailing NAV without any exit load, for a period of 30 days from March 13, 2023 to April 11, 2023 up to 3.00 p.m. (both days inclusive). Investors who do not want to stay invested in the Schemes upon the change in control becoming effective can exercise this option by April 11, 2023.

The fund house said “The schemes will continue to be governed by the statement of additional information of Indiabulls MF and their respective scheme information documents and there would be no change in any of the fundamental attributes or other terms and conditions governing the schemes as a result of the proposed transaction.”

[Read: Groww to Acquire Indiabulls Mutual Fund. What Does it Mean for Investors?]