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of <h1>SEBI Clarifies Share Transfer Rules: No Change in Control for Unlisted Corporates; Proprietary Firms Need Approval.</h1> The circular from SEBI addresses the transfer and transmission of shareholdings among immediate relatives and its impact on change in control for investment advisers, research analysts, and KYC registration agencies. It clarifies that transferring shares among immediate relatives or through transmission does not constitute a change in control for unlisted corporate intermediaries. However, for proprietary firms, such transfers are considered a change in control, requiring prior approval and fresh registration. For partnership firms, changes in partners or ownership interest may not be deemed a change in control if specified in the partnership deed. Incoming entities must meet the fit and proper criteria, and the circular is effective immediately.
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