NEW DELHI :
Markets regulator Sebi on Monday got here out with a process to be adopted for proposed change in command of an asset administration firm involving scheme of association which wants sanction of the Nationwide Firm Regulation Tribunal (NCLT).
The process will likely be relevant to all of the purposes for change in command of an asset administration firm (AMC) for which the scheme of association is filed with NCLT on or after March 1, 2022, Sebi mentioned in a round.
The applying in search of approval for the proposed change in command of the AMC must be filed with Sebi previous to submitting it with the NCLT.
Thereafter, an in-principle approval will likely be granted by Sebi if the regulator is glad with compliance of the relevant regulatory necessities.
This approval will likely be legitimate for 3 months from the date of its issuance and the related utility to NCLT is required to be made inside this time interval.
For the ultimate approval from Sebi, sure paperwork need to be submitted inside 15 days from the date of NCLT’s order, Sebi added.
These embrace an announcement explaining modifications, if any, within the authorized scheme vis-à-vis the draft scheme and the explanations for a similar and particulars of compliance with the circumstances talked about in Sebi’s in-principle approval, amongst others.
The transfer is aimed toward streamlining the method of offering approval to the proposed change in command of an AMC involving scheme of association which wants sanction of NCLT by way of provisions of the Firms Act, 2013.
Supply: Live Mint