The Securities and Exchange Board of India (SEBI) on August 10, 2023, issued clarification regarding the Procedure for seeking prior approval for change in control.
The online application in the SI portal shall be accompanied by the following information/declaration / undertaking about itself, the acquirer(s) / the person(s) who shall have the control and the Page 2 of 6 directors/partners of the acquirer(s) / the person(s) who shall have the control.
To streamline the process of providing approval to the proposed change in control of an intermediary in matters which involve scheme(s) of arrangement which needs the sanction of the National Company Law Tribunal (“NCLT”) in terms of the provisions of the Companies Act, 2013.
This Circular shall supersede the circular no. CIR/MIRSD/14/2011 dated August 02, 2011, with effect from the date of applicability of this circular, to the extent they relate to Merchant Bankers and Bankers to an Issue.
The provisions of this circular shall be applicable with effect from September 01, 2023.
[Notification No. SEBI/HO/AFD/AFD-POD-2/P/CIR/2023/138]
