LONDON/MUMBAI — In what is set to be one of the most anticipated financial market debuts of the year, SBI Funds Management Limited has officially filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The filing, submitted on 19 March 2026, paves the way for an Initial Public Offering (IPO) that has mobilised a powerhouse contingent of domestic and international legal counsel.
The offering is structured as a pure Offer for Sale (OFS) by its promoter shareholders: the state-owned banking behemoth, State Bank of India (SBI), and the French asset management titan, Amundi Asset Management (via Amundi Indian Holding).
A Premier Joint Venture
SBI Funds Management operates as the asset management arm of the renowned SBI Mutual Fund. As a joint venture between India’s largest public sector bank and Europe’s leading asset manager, the firm occupies a dominant position in the Indian investment landscape, providing bespoke investment advisory and management services to millions.
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The Legal Line-up: Advising the Issuers and Promoters
Domestic Counsel for SBI Funds and SBI
Leading the domestic advisory for both the issuer and the State Bank of India is Cyril Amarchand Mangaldas (CAM). The firm has deployed two distinct teams to manage the interests of the company and its primary promoter.
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For SBI Funds Management: The team is led by Advocate Yash J. Ashar (Senior Partner) and Advocate Devaki Mankad (Partner, Regional Co-Head – Capital Markets – West). They are supported by a deep bench including Advocate Rushab Dhandokia, Advocate Tanushri More, Advocate Hitesh Nagpal, Advocate Aniruddh Saraswat, Advocate Khushi Parekh, Advocate Pooja Rajawat, Advocate Aria Sheth, Advocate Chinmay Jumde, Advocate Neelanshi Gupta, and Advocate Neelanshi Gupta.
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For State Bank of India: The promoter is represented by Advocate Anshul Roy (Partner), with support from Advocate Vartika Bhatnagar, Advocate Anuj Gupta, and Advocate Janhavi Deshmukh.
International Counsel
Global firm Linklaters is serving as the international legal counsel to SBI Funds Management. The transaction is being steered by Advocate Amit Singh, Partner and Head of the India Practice.
Internally, the process is being overseen by the SBI Funds Management in-house legal department, headed by Advocate Vinaya Datar, who serves as the Chief Compliance Officer, Company Secretary, and Head of Legal.
Representing the Promoters and Underwriters
Advisory for Amundi
The French promoter, Amundi, has turned to a combination of Indian and international expertise:
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S&R Associates is providing Indian legal counsel.
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Cleary Gottlieb Steen & Hamilton is acting as international legal counsel to the European asset manager.
The Book Running Lead Managers (BRLMs)
The banks underwriting the IPO—the Book Running Lead Managers—have appointed Shardul Amarchand Mangaldas & Co (SAM) as their Indian counsel.
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The SAM team is led by Advocate Prashant Gupta (National Practice Head – Capital Markets) and Advocate Krupa Brahmbhatt (Partner).
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Supporting the partners are Advocate Tarun Srikant, Advocate Shivang Agarwal, Advocate Gayathri Krishnan, Advocate Rudraksh Karnik, Advocate Shabri Bose, and Advocate Anshika Tyagi.
Hogan Lovells is providing international legal oversight for the BRLMs, with the team led by Advocate Biswajit Chatterjee, Head of the India Practice and Managing Partner of the firm’s Dubai office.
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Market Significance
The SBI Funds IPO is viewed as a bellwether for the Indian asset management industry. By leveraging the vast retail reach of the State Bank of India and the sophisticated investment processes of Amundi, the firm has consistently remained at the forefront of the mutual fund sector.
The formal listing is expected to provide a significant liquidity event for both promoters while allowing retail and institutional investors a direct stake in one of India’s most profitable financial services engines.
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