Setu Aif Trust
Case brief
What is this about?
The Competition Commission of India approved a proposed combination involving the acquisition of up to 15% shareholding in Edelweiss Asset Management Limited and Edelweiss Trusteeship Company Limited by three Trusts. The Commission found the combined presence in relevant markets to be negligible.
What did the court decide?
The proposed combination is approved under Section 31(1) of the Competition Act, 2002, subject to the condition that the order may be revoked if provided information is found to be incorrect.
What the court decided
A compact analysis
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
COMPETITION COMMISSION OF INDIA
Combination Registration No. C-2025/09/1325
21st October 2025
Notice under Section 6(2) of the Competition Act, 2002 given by Setu AIF Trust, Konark Trust and MMPL Trust.
CORAM:
Ms. Ravneet Kaur Chairperson Ms. Sweta Kakkad Member Mr. Deepak Anurag Member
Order under Section 31(1) of the Competition Act, 2002
- On 10th September 2025, the Competition Commission of India ( Commission ) received a Notice under Section 6(2) of the Competition Act, 2002 ( Act ) given by Setu AIF Trust ( Setu AIF ). Later Konark Trust and MMPL Trust (collectively, ‘ Trusts ’) became notifying parties by furnishing relevant documents (Setu AIF and Trusts are collectively referred to as the ‘ Acquirers/Notifying Parties ’).
- The Notice was filed pursuant to the execution of, inter alia, (i) Share Purchase Agreement amongst Edelweiss Asset Management Limited ( EAML ), Edelweiss Financial Services Limited ( EFSL/Seller ), Edel Finance Company Limited ( EFCL ), Edelweiss Securities, Investment Private Limited ( ESIPL ) and the Acquirers ( EAML SPA ) [The Seller, EFCL, and ESIPL, are collectively referred to as the ‘ Edelweiss Entities ’], (ii) Share Purchase Agreement amongst the Seller, the Acquirers and Edelweiss Trusteeship Company Limited ( ETCL ) ( ETCL SPA ), (iii) Shareholders agreement amongst the Edelweiss Entities, the Acquirers and EAML ( EAML SHA )
Issues for consideration
2 issues framed by the court
Whether the proposed acquisition of shareholding in Edelweiss Asset Management Limited and Edelweiss Trusteeship Company Limited is likely to have an appreciable adverse effect on competition.
Whether the proposed combination qualifies for exemption or approval under the Competition Act, 2002.
Parties & counsel
- petitioner
Setu AIF Trust
- petitioner
Konark Trust
- petitioner
MMPL Trust
- respondent
Edelweiss Asset Management Limited
- respondent
Edelweiss Financial Services Limited
- respondent
Case details
As recorded by the court registry
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