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

June 02, 2022

To,
All Portfolio Managers
Sir / Madam,

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/IMDI/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.

1. 2. To further streamline the process of providing approval to the proposed change in control of a Portfolio Manager, in modification to Circular dated May 12, 2021 it has been decided as under :
2. 1. (i) An online application shall be made by Portfolio Manager to SEBI for prior approval through the SEBI Intermediary Portal (https://siportal.sebi.gov.in).
   3. (ii) The prior approval granted by SEBI shall be valid for a period of six months from the date of such approval.

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Circular : https://www.dropbox.com/s/tl94la11wfurirt/Procedure%20for%20seeking%20prior%20approval%20for%20change%20in%20control%20of%20Portfolio%20Managers.pdf?dl=0