TMI BlogProcedure for seeking prior approval for change in control of Portfolio ManagersX X X X Extracts X X X X X X X X Extracts X X X X ..... 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 control of Portfolio Managers was specified. 2. To further ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agement, 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 National Company Law Tribunal ( NCLT ) in terms ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der approving the scheme; Copy of the approved scheme; Statement explaining modifications, if any, in the approved scheme vis- -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 paragraph 2(ii)-(iv) of this Circular regarding the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The circular is available on SEBI website at www.sebi.gov.in under the categories Info for Portfolio Managers and Legal framework - Circulars . Yours faithfully, Ms. Manaswini Mahapatra General Manager +91-22-26449375 manaswinim@sebi.gov.in - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxm ..... X X X X Extracts X X X X X X X X Extracts X X X X
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