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

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...., Subject: Procedure for seeking prior approval for 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 f....

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....r to enable existing investors/ clients to take well informed decision regarding their 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. ....

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....ubmit an online application in terms of paragraph 2(i) of this Circular along with the following documents to SEBI for 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 â....