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MassMutual fined in India for failing to notify a 2019 acquisition of Invesco stake

By Freny Patel ( August 21, 2023, 00:23 GMT | Insight) -- Massachusetts Mutual Life Insurance Company has been fined for failing to notify an acquisition in India that took place more than four years ago, involving an approximate 15.7 percent stake in Invesco. While the leading US life insurance claimed the transaction qualified for the “de minimis” exemption based on Invesco's India subsidiaries, information gathered by the Competition Commission of India proved otherwise. The authority imposed a penalty of $6250.An acquisition of an approximate 15.7 percent stake in US-listed Invesco four years ago has cost Massachusetts Mutual Life Insurance Company, or MassMutual, 500,000 rupees ($6250) for failing to notify the Indian competition authority and completing the transaction without its approval....

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