Prior approval for change in control required; other status or constitution changes reported semiannually to regulator. SEBI removed the prior-approval requirement for changes in status or constitution of merchant bankers but retained prior approval for change in control. Merchant bankers must report specified events in their half-yearly reports: corporate restructurings (amalgamation, demerger, consolidation), changes in directors including managing/whole-time directors, and shareholding changes not resulting in change of control.
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Provisions expressly mentioned in the judgment/order text.
Prior approval for change in control required; other status or constitution changes reported semiannually to regulator.
SEBI removed the prior-approval requirement for changes in status or constitution of merchant bankers but retained prior approval for change in control. Merchant bankers must report specified events in their half-yearly reports: corporate restructurings (amalgamation, demerger, consolidation), changes in directors including managing/whole-time directors, and shareholding changes not resulting in change of control.
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