CCI Approves Acquisition of Shares in YES Asset Management (India) Limited and YES Trustee Limited by GPL Finance and Investments

On May 17, 2021, CCI approved GPL Finance and Investments (‘GPL’)’s acquisition of 100% share capital of YES Asset Management (India) Limited (‘YES AMC’) and YES Trustee Limited (‘YES Trustee’).[1] Resultantly, GPL would acquire, and become the sole sponsor of Yes Mutual Fund (‘YES MF’).

GPL is a company incorporated in India, belonging to the White Oak Group. GPL is registered with RBI as a non-deposit taking and nonsystemically important NBFC. It is primarily engaged in the activity of making investment in mutual funds and provides referral and support services to White Oak Group. The White Oak Group is an investment management and investment advisory group providing discretionary portfolio management services and investment advisory services in India. It is the sponsor and investment manager to three alternative investment funds registered with SEBI.

YES MF is engaged in the business of supplying mutual fund products in India. YES AMC is a wholly-owned subsidiary of YES Bank. It was granted approval by SEBI to act as an asset management company/investment manager to YES MF. YES Trustee is the trustee of YES MF. It is also the exclusive owner of the trust fund of YES MF and holds the same in trust for the benefit of the unitholders.

The parties submitted there was: (a) a potential vertical relationship between the supply of mutual fund products in India by YES MF (upstream market) and mutual fund distribution in India by White Oak Investment and GPL (downstream market); and (b) a potential complementary relationship between the discretionary portfolio management services provided by White Oak Capital in India and YES MF’s presence in the market for mutual funds in India.

CCI noted that the parties’ presence in the identified markets/segments was not significant, and these markets/segments were characterized by the presence of several players. Accordingly, CCI noted that the transaction was unlikely to cause an AAEC in India and approved the proposed combination under Section 31(1) of the Act.


[1]  Combination Registration No. C-2021/03/823.

Published In:Inter Alia Special Edition - Competition Law - September 2021 [ English
Date: September 16, 2021