The Securities and Exchange Board of India vide its notification dated 26th March 2021 has notified a new registration process for licensed intermediaries moving business to other legal entities
Sebi has clarified that the transferee will have to obtain fresh registration from the regulator in the same capacity before the transfer of business if it is not registered with SEBI.
SEBI shall issue new registration number to transferee different from transferor’s registration number in the following scenario:
“Business is transferred through regulatory process or non-regulatory process irrespective of transferor continues to exist or ceases to exist after the said transfer.
In case of change in control pursuant to both regulatory process and non-regulatory process, prior approval and fresh registration shall be obtained. While granting fresh registration to same legal entity pursuant to change in control, same registration number shall be retained.
If the transferor ceases to exist, its certificate of registration shall be surrendered.
