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of <h1>Registrars must not seek SEBI approval for intermediaries' registration, except AMCs needing SEBI-approved drafts per SEBI (Mutual Fund) Regulations, 1993.</h1> Registrars of Companies are instructed not to require prior approval from SEBI for registering intermediaries such as merchant bankers, registrars to an issue, investment advisers, and portfolio managers. However, asset management companies (AMCs) must have their draft memorandum and articles of association approved by SEBI before registration. This directive aligns with the SEBI (Mutual Fund) Regulations, 1993, which mandate such approval for AMCs. The existing Circular No. 4/92 remains effective, and the registration process for AMCs should follow the outlined procedure to ensure compliance with SEBI regulations.
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