The Competition Commission of India (CCI) has approved an acquisition in which Axis Asset Management Company Limited (Acquirer) will acquire the portfolio management services business of Axis Securities Limited (Transferor) in India. The proposed combination is an acquisition of the target business from the transferor and has been authorised under the merger control framework. The announcement clarifies that the transaction relates specifically to the portfolio management services activities of the transferor within the Indian jurisdiction. The acquirer manages a mutual fund business and is engaged in the provision of portfolio management services in addition to its core mutual fund activities. The acquirer has also established and manages alternative investment funds that comprise multiple strategies and operate across Category two and Category three Alternative Investment Funds. The description provided in the notice underlines the acquired operations as a discrete business line within the transferor and the acquirer. The transfer of the portfolio management services business is expected to involve operational integration and alignment of governance processes while maintaining client service continuity and regulatory compliance. The CCI will provide a detailed order that will set out any conditions, timelines and procedural requirements arising from its review. Stakeholders and clients of the target business are to be informed of procedural next steps in accordance with applicable legal and regulatory obligations. The authorisation by the CCI marks a regulatory milestone for the parties and will allow the acquirer to consolidate the portfolio management services activities under its asset management framework subject to completion of the necessary formalities. The parties will proceed to implement the combination in line with the applicable corporate and regulatory processes and will furnish such information and filings as required. A detailed order of the CCI will follow to reflect the CCI's determinations and any attendant obligations in a timely manner.