Anil Ambani’s Reliance firm to officially get a new owner, SEBI gives nod to…

Anil Ambani’s Reliance Wealth Management will soon get a new owner as Securities and Exchange Board of India (SEBI) has reportedly approved the request of Hinduja Group's Aasia Enterprises for a change of control in the financial firm under rules governing investment advisers and portfolio managers. The thumbs up for change of control in Reliance Wealth Management comes after the market regulator approved an application for a proposed change in control at Reliance Securities under regulations governing research analysts and investment advisors.

The request made to SEBI’s market intermediaries department for change in control comes ahead of change in promoter group at parent Reliance Capital. For those who are unaware, Anil Ambani’s debt-ridden Reliance Capital secured a buyout offer of Rs 9650 crore from Hinduja Group. The group has reportedly begun the process of rebranding Reliance Capital and its operating companies.

IndusInd International Holdings' (IIHL), owned by Hinduja group made a successful bid to get Reliance Capital under the Corporate Insolvency Resolution Proceedings (CIRP) process of the Insolvency and Bankruptcy Code (IBC). 

If reports are to be believed, Anil Ambani’s Reliance Securities has also received a thumbs up from the NSE, BSE, MCX, and NCDEX for transferring shares owned by Reliance Capital to Hinduja-led Aasia Enterprises.