Transfer of PMS business requires regulator approval and transferee assumes all liabilities and client mandates. Transfer of PMS business requires prior regulatory approval. Intra group transfers may be of select investment approaches or the entire business, with surrender of registration if fully transferred. Inter group transfers require a joint application, mandate complete business transfer, and require the transferee to undertake liability for all acts, deeds, pending actions, litigations and other obligations; the transferor must not onboard new clients during the process and must surrender its registration upon completion. Specified undertakings, client consents, board resolution, business transfer agreement and fit and proper declarations are required.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Transfer of PMS business requires regulator approval and transferee assumes all liabilities and client mandates.
Transfer of PMS business requires prior regulatory approval. Intra group transfers may be of select investment approaches or the entire business, with surrender of registration if fully transferred. Inter group transfers require a joint application, mandate complete business transfer, and require the transferee to undertake liability for all acts, deeds, pending actions, litigations and other obligations; the transferor must not onboard new clients during the process and must surrender its registration upon completion. Specified undertakings, client consents, board resolution, business transfer agreement and fit and proper declarations are required.
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