The Securities and Exchange Board of India vide its notification dated 12th May 2021 has notified the procedure for seeking prior approval in case of change in control of portfolio managers.
The Portfolio Manager shall apply online to SEBI for prior approval through the SEBI Intermediary Portal (https://siportal.sebi.gov.in) and once the approval is granted it shall be valid for a period of 6 months.
The Applications for fresh registration pursuant to change in control shall be made to SEBI within six months from the date of prior approval and Pursuant to grant of prior approval by SEBI, all the existing investors/ clients shall be informed about the proposed change prior to effecting the same, in order to enable them to take a well-informed decision regarding their continuance or otherwise with the changed management.
