On July 27, 2018, CCI approved the acquisition of IIFL Wealth Management Limited (‘IIFLW’) by General Atlantic Singapore Fund Pte. Ltd. (‘GASF’)[1]. The proposed transaction involved IIFLW issuing certain equity shares to new investors (including GASF), which would lead to change in the shareholding of GASF in IIFLW, from 21.60% to 21.15%. Furthermore, there would not be any changes in the rights held by GASF, and the new investors were not acquiring any rights in IIFLW.GASF is an investment holding company, incorporated in Singapore, which is managed by entities controlled by General Atlantic Services Company LLC (‘GASC’), a private equity firm based in the United States of America. The principal activity of the GASF is investing through foreign direct investment in portfolio companies in India. GASF is an existing shareholder of IIFLW, with a 21.61% along with certain affirmative rights, and the right to nominate director(s) on the board of IIFLW. IIFLW is a public company incorporated India and is engaged in portfolio management services, distribution of financial products, and acts as a stock broker.CCI held that the transaction would not cause any change in the market dynamics in which the parties are involved, and that there is no likelihood of an AAEC in India. CCI accordingly approved the transaction.[1] Combination Registration No. C-2018/07/582.