TMI BlogProcedure for seeking prior approval for change in controlX X X X Extracts X X X X X X X X Extracts X X X X ..... a) of SEBI (Bankers to an Issue) Regulations, 1994 provide that Merchant Bankers and Bankers to an Issue respectively shall obtain prior approval of SEBI in case of change in control. 3. To streamline the process of obtaining approval for the proposed change in control of Merchant Bankers and Bankers to an Issue (hereinafter referred as intermediary), the following procedure has been specified: i. The intermediary shall make an online application to SEBI for prior approval through the SEBI Intermediary Portal ( SI Portal ) (https://siportal.sebi.gov.in). ii. The online application in SI portal shall be accompanied by the following information / declaration / undertaking about itself, the acquirer(s) / the person(s) who shall hav ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sting investors/ clients of the intermediary about the proposed change prior to effecting the same, in order to enable them to take informed decision regarding their continuance or otherwise with the new management; and iii. the fit and proper person criteria as specified in Schedule II of SEBI (Intermediaries) Regulations, 2008 are complied with. h) In case the incumbent intermediary is a registered stock broker, clearing member, depository participant, in addition to the above, it shall obtain approval / NOC from all the stock exchanges / clearing corporations / depositories, where the incumbent is a member/depository participant and submit self-attested copy of the same to SEBI. iii. Subject to other appropriate sectoral r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he conditions/ observations, if any, mentioned in the in-principle approval provided by SEBI. 5. This Circular shall supersede the circular no. CIR/MIRSD/14/2011 dated August 02, 2011 with effect from the date of applicability of this circular, to the extent they relate to Merchant Bankers and Bankers to an Issue. 6. The provisions of this circular shall be applicable with effect from September 01, 2023. 7. This Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992. 8. A copy of this circular is available on SEBI website at www.sebi.gov.in under the categories Legal Framework Circulars . Yours faithfully, Vimal Bhatter Deputy Gene ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ii. No charge sheet has been filed against us by any enforcement agency in matters concerning economic offences and is pending. iii. No order of restraint, prohibition or debarment has been passed against us by the Board or any other regulatory authority or enforcement agency in any matter concerning securities laws or financial markets and such order is in force. iv. No recovery proceedings have been initiated by the Board against us and are pending. v. No order of conviction has been passed against us by a court for any offence involving moral turpitude. vi. No winding up proceedings have been initiated or an order for winding up has been passed against us. vii. We have not been declared insolvent. viii. We have not b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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