Incorporation of asset management companies and other intermediaries in securities market

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....o insist upon seeking prior approval of SEBI for registration of intermediaries like merchant bankers, registrar to an issue, investment adviser, portfolio manager, etc. However, they may register an AMC only after its draft memorandum and articles of association is cleared by SEBI. 1. I am directed to say that some Registrars are insisting upon the promoters proposing to carry on activities as m....

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....uired to submit to the SEBI their respective memoranda and articles of association for approval. Therefore, unlike the memoranda and articles of association of other intermediaries, it would be in the interest of concerned AMCs to get their memoranda and articles of association cleared by the SEBI before the same are presented to the concerned Registrar of Companies for registration. 2. In view o....