SEBI Approves Transfer of ICICI Venture Fund Management to ICICI Prudential AMC

Mumbai, March 2, 2026: In a significant development in India’s asset management and alternative investment space, the Securities and Exchange Board of India (SEBI) has approved the proposed change in Manager and Sponsor for five Category II Alternative Investment Funds (AIFs) from ICICI Venture Funds Management Company Limited (IVen) to ICICI Prudential Asset Management Company Limited (IPru AMC).

The update was disclosed by ICICI Bank Limited in a regulatory filing to stock exchanges on March 2, 2026.

SEBI Approval Valid for Six Months

According to the disclosure, IVen informed ICICI Bank via email at 5:32 p.m. that SEBI, through its letter dated March 2, 2026, has granted approval for the proposed restructuring.

The approval is valid for a six-month period, during which the transaction must be completed subject to regulatory compliances, execution of necessary agreements, and completion of procedural formalities.

AIFs Covered Under the Approval

The SEBI clearance applies to the following Category II AIFs:

1. India Advantage Fund S4 I (IN/AIF2/15-16/0170)

2. India Advantage Fund S5 I (IN/AIF2/21-22/0939)

3. India Advantage Fund S5 II (IN/AIF2/21-22/0998)

4. India Real Estate Investment Fund Series 2 (IN/AIF2/22-23/1144)

5. Iven Amplifi Fund (IN/AIF2/23-24/1341)

These funds operate under the Category II AIF framework, which includes private equity, debt, and real estate funds that do not undertake leverage except for operational requirements.

Background of the Transaction

ICICI Bank had earlier, on May 9, 2025, disclosed the proposed transfer of the private equity, venture capital, and real estate fund management business of ICICI Venture to ICICI Prudential AMC.

The move is seen as a strategic consolidation of asset management operations within the ICICI Group, potentially enhancing operational synergies, investor servicing capabilities, and fund management scale under IPru AMC’s platform.

Strategic Significance

The approval signals regulatory comfort with the restructuring plan and strengthens ICICI Prudential AMC’s alternatives platform. The transition is expected to streamline fund management within the ICICI ecosystem and may improve distribution reach and operational efficiency.

ICICI Prudential AMC is among India’s leading asset management companies in the mutual fund space. The addition of private equity and alternative fund mandates could significantly expand its footprint in the growing alternative investments segment.

Global Intimation

The disclosure has also been shared with international exchanges and associations including:

• New York Stock Exchange

• Japan Securities Dealers Association

• Singapore Exchange

• SIX Swiss Exchange

This reflects ICICI Bank’s global listing obligations and adherence to international disclosure standards.

What Happens Next?

The transaction will now move toward completion within the six-month validity window granted by SEBI. Final execution will depend on completion of documentation, transfer agreements between entities, and compliance with applicable regulatory requirements.

SEBI’s approval marks a key milestone in the proposed restructuring of ICICI Venture’s fund management business. If completed within the stipulated timeframe, the move could reshape the ICICI Group’s alternative investment strategy and strengthen ICICI Prudential AMC’s position in India’s expanding AIF market.