Procedure for seeking prior approval for change in control of Portfolio Managers

Change in control of portfolio managers requires SEBI prior approval, six month validity, and investor exit rights without exit load.

Change in control of portfolio managers requires prior approval via the SEBI Intermediary Portal; such approval is valid for six months and fresh registration following the change must be completed within that period. The portfolio manager must inform existing investors and offer an exit without exit load for at least 30 calendar days. For schemes requiring NCLT sanction, SEBI approval must be sought before NCLT filing, SEBI may grant a three month in principle approval, and after NCLT order the manager must file specified documents within 15 days for final approval.