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Securities and Exchange Board of India (SEBI) vide notification no. SEBI/HO/IMD/IMD-I DOF5/P/CIR/2022/10dated 31st January, 2022, in exercise of powers conferred under Section 11(1) ofthe Securities and Exchange Board of India Act, 1992, read with the provisionsof Regulation 77 of SEBI (Mutual Funds) Regulations, 1996, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market,has issued a notification on Change in control of the
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FAQ :
The notification aims to streamline the process of approving changes in the control of asset management companies (AMCs) that involve a scheme of arrangement requiring sanction from the NCLT.
The rules are applicable to all applications for change in control of an AMC where the scheme of arrangement is filed with the NCLT on or after March 1, 2022.
An AMC must file an application seeking approval for the proposed change in control with SEBI prior to filing it with the NCLT.
SEBI's in-principle approval is valid for three months from the date of its issuance. The relevant application to the NCLT must be made within this period.
For final approval, an application for final approval, a copy of the NCLT order, the approved scheme, details of modifications, and confirmation of compliance with SEBI's in-principle approval conditions must be submitted within 15 days of the NCLT's order.
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