Prior approval for change in control: intermediaries must apply online with fit and proper declarations before effecting control change. Intermediaries specified by SEBI must obtain prior approval for any change in control by filing an online application through the SEBI Intermediary Portal with prescribed disclosures and a stamped declaration from the intermediary and proposed acquirer confirming compliance with fit and proper person criteria, non change of the incumbent board until approval, commitment to honour past liabilities and resolve investor complaints; certain intermediaries must also submit exchange/clearing/depository approvals and, where change arises from a tribunal sanctioned scheme, an in principle approval process and subsequent submission of the tribunal order and approved scheme are required for final approval.