H) In case the incumbent intermediary is a registered stock broker, clearing member, depository participant, in addition to the above, it shall obtain approval / NOC from all the stock exchanges / clearing corporations / depositories, where the incumbent is a member/depository participant and submit self-attested copy of the same to SEBI (iii.) the ‘fit and proper person’ criteria as specified in Schedule II of SEBI (Intermediaries) Regulations, 2008 are complied with. (ii.) pursuant to grant of prior approval by SEBI, the incumbent shall inform all the existing investors/ clients of the intermediary about the proposed change prior to effecting the same, in order to enable them to take informed decision regarding their continuance or otherwise with the new management and (i.) there will not be any change in the Board of Directors of incumbent, till the time prior approval is granted G) Declaration cum undertaking of the intermediary and the acquirer(s) / the person(s) who shall have the control (in a format enclosed at Annexure A), duly stamped and signed by their authorized signatories that: The acquirer(s) / the person(s) who shall have the control shall also confirm that it shall honour all past liabilities/obligations of the applicant, if any.ĭ) Whether any investor complaint is pending? If yes, steps taken and confirmation that the acquirer(s)/the person(s) who shall have the control shall resolve the same.į) Confirmation that all the fees due to SEBI have been paid. The application should be accompanied by the following information/declaration/undertaking about itself, the acquirer(s)/the person(s) who shall have the control and the directors/partners of the acquirer(s)/the person(s) who shall have the control:Ī) Current and proposed shareholding pattern of the intermediary.ī) Whether any application was made in the past to Sebi seeking registration in any capacity but was not granted? If yes, details thereof.Ĭ) Whether any action has been initiated/taken under Securities Contracts (Regulation) Act, 1956 (SCRA) / Securities and Exchange Board of India Act, 1992 (SEBI Act) or rules and regulations made thereunder? If yes, the status thereof along with the corrective action taken to avoid such violations in the future. To obtain approval, according to the latest circular from the Securities and Exchange Board of India (Sebi), the intermediary should first make an online application to SEBI for prior approval through the SEBI Intermediary Portal (‘SI Portal’) (). This is following a circular released on August 2, which had specified the procedure for seeking prior approval for change in control of certain intermediaries including the bankers to an issue. The market regulator has released the procedure to obtain approval for the proposed change in control of merchant bankers and bankers to an issue, according to a circular issued on August 10.
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