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LIC MF Completes Merger of IDBI MF Schemes

Published on August 02, 2023
Current Context: LIC Mutual Fund (LIC MF) is an asset management company (AMC) with Life Insurance Corporation of India (LIC) as its sponsor and other stakeholders being LIC Housing Finance Ltd, GIC Housing Finance Ltd and Union Bank of India.
  • IDBI Mutual Fund (IDBI MF) is another AMC that was sponsored by IDBI Bank Ltd and had 20 schemes as of June 2023.
  • The merger was effective from July 29, 2023. With the completion of the merger, out of 20 schemes of IDBI MF, 10 were merged with similar schemes of LIC MF and the remaining 10 were taken over by LIC MF on standalone basis, which took its total scheme count to 38.
  • With this merger, investors who had invested in IDBI MF schemes, got access to LIC MF’s diversified basket of product offerings covering equity, debt, hybrid, solution oriented themes, ETF and Index funds1.
  • The merger also complemented LIC MF’s goal to strengthen its scheme offerings in the mid-cap, small-cap, gold fund, passive fund segments, etc.

Question:

Q.1 Which of the following is the sponsor of LIC Mutual Fund?
a. LIC Housing Finance Ltd
b. Life Insurance Corporation of India
c. Union Bank of India
d. GIC Housing Finance Ltd
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