Acquisition of Portfolio Management Services Business by Axis Asset Management Company Limited

COMPETITION COMMISSION OF INDIA Combination Registration No. C-2026/01/1369

17th February 2026

Notice under Section 6(2) of the Competition Act, 2002 given by Axis Asset Management Company Limited.

CORAM:

Ms. Ravneet Kaur Chairperson

Mr. Anil Agrawal Member

Ms. Sweta Kakkad Member

Mr. Deepak Anurag Member

Order under Section 31(1) of the Competition Act, 2002

1. On 16th January 2026, the Competition Commission of India (Commission) received a Notice under Section 6(2) of the Competition Act, 2002 (Act) given by Axis Asset Management Company Limited (Acquirer) in relation to the acquisition of Portfolio management services business (Target Business) of Axis Securities Limited (Transferor) by the Acquirer (the Acquirer and the Target Business are collectively referred to as ‘Parties’).

2. The Notice was filed pursuant to the Business Transfer Agreement dated 4th December 2025 in relation to the acquisition by the Acquirer of the Target Business (Business Transfer Agreement).

3. In accordance with Regulation 14 of the Competition Commission of India (Combinations) Regulations, 2024 (Combinations Regulations), vide letter dated 30th January 2026 (RFI), certain information and clarifications were sought from the Acquirer. The Acquirer submitted the response to RFI on 4th February 2026 (Response).

4. The proposed combination is in the nature of an acquisition by the Acquirer of the Target Business of the portfolio management services business in India from the Transferor (Proposed Combination).

5. The Acquirer is a public limited company and forms a part of two separate groups, namely: (i) Acquirer Axis Group and (ii) Acquirer Schroder Group. Axis Bank Limited (ABL) is the ultimate controlling entity of the Acquirer Axis Group and Schroders plc is the ultimate controlling entity of the Acquirer Schroder Group. The Acquirer manages a mutual fund business that offers products across asset categories including equity, fixed income and hybrid products. It is also engaged in the business of managing portfolios under its portfolio management services (PMS) which comprises discretionary PMS and co-investment PMS. The Acquirer has also established and manages alternative investment funds comprising of multiple strategies across Category II and Category III Alternative Investment Funds.

6. The Target Business comprises of the PMS business of the Transferor in India. The Target Business is only undertaken in India. The Target Business comprises of the provision of discretionary PMS and non-discretionary PMS.

7. For the purpose of identifying the relevant areas for competition assessment of the Proposed Combination, the Commission considered the activities/presence of the Acquirer, the Acquirer Axis Group, the Acquirer Schroder Group and their respective affiliates on one hand and the Target Business on the other hand. Based on the information contained in the Notice, the horizontal overlaps can be identified in the broader segment of provision of PMS in India and narrower segment of provision of discretionary PMS in India (collectively, the ‘Horizontal PMS Markets’). Further, a vertical linkage in upstream market of provision of PMS services in India and downstream market of distribution of PMS services in India has also been identified.

8. The Commission considered the market presence of Parties in each of the aforesaid segment/sub-segment and observed that the combined presence of the Acquirer and the Target Business is [0-5]% which is not likely to cause any significant change in operational/competition dynamics of, or raise concerns of appreciable adverse effect on competition (AAEC) in the various plausible markets that have been examined. Accordingly, the Commission decides to leave precise delineation of the relevant market(s) open.

9. Considering the material on record, including the details provided in the Notice and the assessment of the Proposed Combination based on the factors stated in Section 20(4) of the Act, the Commission is of the opinion that the Proposed Combination is not likely to have an AAEC in India. Therefore, the Commission approves the Proposed Combination under Section 31(1) of the Act.

10. The order may be revoked if, at any time, the information provided by the Acquirer is found to be incorrect.

11. The information provided by the Acquirer shall be treated as confidential in terms of and subject to provisions of Section 57 of the Act.

12. The Secretary is directed to communicate to the Acquirer accordingly.