Capital markets regulator Sebi on Thursday streamlined the procedure of obtaining prior approval for the proposed change in control of merchant bankers and bankers to an issue.
The new process will be applicable from September 1, the Securities and Exchange Board of India (Sebi) said in a circular.
Under the process, the intermediary will have to make an online application to Sebi for prior approval through its intermediary portal. The online application in the portal would be accompanied by information about itself, the acquirer, the person who will have control and the directors or partners of the acquirer.
This information includes the current and proposed shareholding pattern of the intermediary, details about any pending investors’ complaints, details of litigation, and confirmation that all the fees due to Sebi have been paid.
In addition to this procedure, in case the incumbent intermediary is a registered stock broker, clearing member, or depository participant, it will hav
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