Change in control of asset management company requires SEBI pre filing and time limited in principle approval before NCLT and final clearance. Applicants seeking change in control of an AMC via a scheme of arrangement must file for SEBI approval under Regulation 22(e) before approaching the NCLT; SEBI may grant a time limited in principle approval, after which the NCLT petition must be filed. Within 15 days of the NCLT order, the applicant must submit to SEBI an application for final approval, the NCLT order, the approved scheme, a statement of any modifications and reasons, and evidence of compliance with SEBI's in principle conditions.