Capital market regulator Sebi has recently received a complaint against ICICI Prudential Asset Management (AMC), filed by Altus Wealth and Insurance Marketing, a distributor of financial products, alleging that the asset manager - largest by AUM - failed to disclose a pending trademark dispute in its draft red herring prospectus (DRHP).
Sources told Moneycontrol that Altus Wealth has alleged in its complaint that ICICI Prudential AMC’s DRHP contains “incomplete, misleading and materially inaccurate disclosures”, omitting details of the ongoing dispute relating to the use of the ‘Pru’ trademark. The omission, the complainant claims, has a direct bearing on proprietary rights, intellectual property, and brand goodwill created by Altus.
In its submission to Sebi, Altus said that the representations in the DRHP - whether by omission or implication – may “prejudicially affect our client’s ongoing trademark proceedings and thereby adversely affect the goodwill and brand identity created since long”.
The complaint further said such an omission is misleading, amounting to a violation of the disclosure standards mandated under the Sebi (Issue of Capital and Disclosure Requirements) Regulations, 2018.
Altus Wealth said its logo, first filed for registration as a trademark in December 2020, is a distinct artwork comprising stylized alphabets and a colour combination intended to represent the brand’s ethos. Following its application, Prudentail IP Services related to the selling shareholder Prudential Corporation in the ICICI Prudential AMC IPO, filed a notice of opposition in April 2021, arguing that granting such a trademark could cause confusion among investors.
The complainant further alleged that Prudential IP created an “environment of coercion and imbalance” during the registry proceedings. Altus pointed out that multiple applications on trademark registry exist under the term ‘Pru’ exist across categories such as registered, withdrawn, opposed, and accepted, showing that the term is not exclusive Prudential IP, and is visually, phonetically and conceptually distinct from the Prudential Group’s brand.
ICICI Prudential AMC’s DRHP has only made generic disclosures on intellectual property rights. The filing mentioned licensing agreements with ICICI Bank and Prudential Group for use of their names and logos, but did not detail the pending litigation. The DRHP said, “We have entered into the ICICI Bank TMLA for licensing the use of name and/or words ‘ICICI’ and related devices, logos and labels… We have also entered into Prudential TMLA for the use of any mark or name consisting of or including the elements ‘PRUDENTIAL’ and/or ‘PRU’ and/or ‘PCA’… in accordance with the terms set out.”
ICICI Pru has cautioned that intellectual property rights could be affected by events beyond control, including third-party disputes, regulatory action, or adverse publicity, however, Altus has argued that the omission of trademark dispute is material and should have been disclosed explicitly.
ICICI Prudentail AMC in a clarification to Moneycontrol said, our company has disclosed details of intellectual property involving our company, in accordance with the applicable law. "Disclosures to this effect have been included under "Risk Factors Inability of our Company or our Promoters to protect or use the respective intellectual property rights may adversely affect our business, results of operations, financial condition, cash flows and prospects. We may be exposed to misappropriation and infringement claims by third parties, which may have an adverse effect on our business and reputation" and "History and Certain Corporate Matters - Key terms of other subsisting material agreements" on pages 42 and 195, respectively, of the Draft Red Herring Prospectus, in accordance with the requirements under the SEBI ICDR Regulations".
Emails seeking comments from Sebi, and Altus Wealth did not elicit a response.
The disclosure in question is a Rs 10,000 Crore IPO plan of ICICI Prudential AMC , for which DRHP was filed in July this year, with a record 18 merchant bankers on board, marking the first-ever mutual fund IPO from the ICICI Group and fifth asset management company to seek listing in India.
One legal expert said that disclosure lapses in IPO filings can have serious regulatory implications. “Material disputes, particularly those impacting brand identity, must be disclosed in the DRHP.”
The controversy echoes similar past disputes in other sectors, including one in June 2025, where Alkem Laboratories filed a case in the Delhi High Court against Allchem Lifesciences, alleging trademark infringement, seeking a permanent injunction along with damages worth Rs 2 crore. The latest dispute has highlighted the growing importance of brand protection in highly competitive industries.
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