Bharat Financial Inclusion today announced that it has received ''No-objection'' from National Stock Exchange of India (NSE) and Bombay Stock Exchange (BSE) for its proposed merger with IndusInd Bank (IBL), following comments received from the Securities and Exchange Board of India (SEBI).

The company received ''No-objection'' from NSE on Friday, June 1, 2018, and from BSE on Monday, June 4, 2018, in terms of regulation 94 of SEBI (LODR) Regulation, 2015. The ''No-objection'' is based on the draft scheme and other documents submitted by the Company, including undertaking given in terms of regulation 11 of SEBI (LODR) Regulation, 2015.

This is one of the important approvals which would enable the company to file the draft scheme of amalgamation, as approved by the boards of directors of both the entities on October 14, 2017, with the National Company Law Tribunal (NCLT), Mumbai.

Shares of the company gained Rs 14.45, or 1.26%, to settle at Rs 1,158.35. The total volume of shares traded was 13,494 at the BSE (Tuesday).