Registration independence for group entities: separate merchant banker certificates allowed if independence criteria are satisfied. Circular permits separate merchant banker registration for group entities where each is a separate legal person, has independent Boards (no majority common directors), operates at arm's length, maintains distinct key personnel and infrastructure, and retains independent regulatory controls; it also provides that suspension or cancellation of one entity's registration may invite regulatory action against other registered group entities. 'Group' is defined by common control (alone or with relatives), same management per the Companies Act, or direct/indirect control, with 'control' as defined in the Takeovers Regulations.
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Registration independence for group entities: separate merchant banker certificates allowed if independence criteria are satisfied.
Circular permits separate merchant banker registration for group entities where each is a separate legal person, has independent Boards (no majority common directors), operates at arm's length, maintains distinct key personnel and infrastructure, and retains independent regulatory controls; it also provides that suspension or cancellation of one entity's registration may invite regulatory action against other registered group entities. 'Group' is defined by common control (alone or with relatives), same management per the Companies Act, or direct/indirect control, with 'control' as defined in the Takeovers Regulations.
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