Procedure for seeking prior approval for change in control of Portfolio Managers

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....or change in control of Portfolio Managers 1. Regulation 11(aa) of SEBI (Portfolio Managers) Regulations, 2020 provides that a Portfolio Manager shall obtain prior approval of SEBI in case of change in control in such manner as may be specified by SEBI. Vide Circular No. SEBI/HO/IMD/IMD-I/DOF1/P/CIR/2021/564 dated May 12, 2021, the procedure for obtaining prior approval in case of change in contr....

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....ir continuance or otherwise with the changed management, the portfolio manager shall inform its existing investors/ clients about the proposed change prior to effecting the same and give an option to exit without any exit load, within a period of not less than 30 calendar days, from the date of such communication. (v) In matters which involve scheme(s) of arrangement which needs sanction of the ....

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....final approval: * Copy of the NCLT Order approving the scheme; * Copy of the approved scheme; * Statement explaining modifications, if any, in the approved scheme vis-à-vis the draft scheme and the reasons for the same; and * Details of compliance with the conditions/ observations mentioned in the in-principle approval provided by SEBI. e. All other provisions mentioned at paragra....