Indiabulls Mutual Fund will now be Groww Mutual Fund
25 October 2024
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.
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.
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