India's markets regulator is unlikely to give special exemption to mutual funds if they breach the norms for maximum permitted holdings in a security after the merger of HDFC Bank and HDFC , two sources with direct knowledge of the matter told Reuters.HDFC Bank and HDFC - both heavily owned by mutual funds - are set to conclude a merger in the next few weeks to create India's second-largest financial institution by assets after the State Bank of India.
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