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of <h1>SEBI Circular: AMCs Need Trustee and SEBI Approval for Control Changes Under Companies Act, 2013.</h1> The circular issued by SEBI outlines the procedure for changes in control of asset management companies (AMCs) involving a scheme of arrangement under the Companies Act, 2013. It mandates that AMCs must obtain prior approval from trustees and SEBI before any change in control. Applications for such changes must be submitted to SEBI before filing with the National Company Law Tribunal (NCLT). SEBI will provide an in-principle approval valid for three months, during which the application must be filed with NCLT. Final approval from SEBI requires submission of specific documents within 15 days of the NCLT order. The circular applies to applications filed on or after March 1, 2022.
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