Registration conditions: Vault managers must maintain specified net worth and secure prior approval for any change in control. Vault managers must at all times maintain the net worth specified by regulation 4, pay required fees, comply with the Act and these regulations in performing their duties, operate investor grievance redressal mechanisms and report complaint particulars to the Board. Prior approval of the Board is required for any change in control in the manner specified by the Board; this replaced a prior requirement of immediate intimation of changes during the registration process.
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Provisions expressly mentioned in the judgment/order text.
Registration conditions: Vault managers must maintain specified net worth and secure prior approval for any change in control.
Vault managers must at all times maintain the net worth specified by regulation 4, pay required fees, comply with the Act and these regulations in performing their duties, operate investor grievance redressal mechanisms and report complaint particulars to the Board. Prior approval of the Board is required for any change in control in the manner specified by the Board; this replaced a prior requirement of immediate intimation of changes during the registration process.
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