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<h1>SEBI Requires Vault Managers to Seek Approval for Control Changes; Applications via SEBI Portal, Valid for Six Months.</h1> The circular outlines the procedure for Vault Managers to seek prior approval from the Securities and Exchange Board of India (SEBI) for changes in control. Vault Managers must apply through the SEBI Intermediary Portal, providing details about shareholding patterns, past applications, compliance with regulations, and pending investor complaints. SEBI will process these applications, with approvals valid for six months. Vault Managers must inform existing investors about changes, offering them the option to relocate stored gold. For changes requiring National Company Law Tribunal (NCLT) approval, specific steps and timelines are detailed. The circular takes immediate effect to protect investors and regulate the securities market.