HDFC Bank's controlling stake acquisition in HDFC AMC has been approved by the Securities and Exchange Board of India (SEBI) as part of the amalgamation scheme. SEBI has also instructed HDFC AMC to comply with Sebi (Mutual Funds) Regulations, 1996 guidelines and circulars. The approval will enable HDFC Bank to merge with HDFC, expecting to conclude by Q3 of the next fiscal year. The merger, estimated at $40bn, will create a financial services titan with assets totalling around INR 18 lakh crore. HDFC Bank will be solely owned by public shareholders, with HDFC shareholders owning 41% of the bank.