Circular on Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers – SEBI
View PdfCircular on Procedure for seeking prior approval for change in control of SEBI registered Portfolio Managers – SEBI
- An online application shall be made to SEBI for prior approval through the SEBI Intermediary Portal (https://siportal.sebi.gov.in).
- The prior approval granted by SEBI shall be valid for a period of six months from the date of such approval.
- Applications for fresh registration pursuant to change in control shall be made to SEBI within six months from the date of prior approval.
- Pursuant to grant of prior approval by SEBI, all the existing investors/ clients shall be informed about the proposed change prior to effecting the same, in order to enable them to take well informed decision regarding their continuance or otherwise with the changed management.
- This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulation 43 of the SEBI (Portfolio Managers) Regulations, 2020, to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market.
