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Conflict between the funds’ respective startup portfolios, brand confusion and increasing complexity of maintaining centralized regulatory compliance were cited as factors behind the breakup.

While the regulator’s interim order alleges massive irregularities, the long arc of unfinished probes, hearings and appeals makes closure distant.
As growth in equities cools, asset managers are looking to embed themselves in payrolls, payments, and credit. This raises their influence, but also the stakes.
FY26 numbers for the three major CV makers show resilience and all-around growth. This doesn’t look anything like the undifferentiated sector it once was.