Prior approval for change in broker status required; defined circumstances, fee obligations and procedural filings now mandated. Prior approval under Rule 4(c) is required for specified changes in broker status-change in designated/whole-time directors, change in control, conversion of business form, transfers, consolidation/merger/amalgamation, and surrender of registration. Exchanges must approve and forward applications to SEBI within one week with confirmations on absence of defaults, pending complaints or investigations, payment of applicable fees and prescribed turnover details; full fees and interest are payable where indicated and certain approvals permit a six-month period for fresh registration.