HomeBanking and Financesebi: Sebi issues procedure for portfolio managers for seeking prior nod in...

sebi: Sebi issues procedure for portfolio managers for seeking prior nod in case of change in control


NEW DELHI: Capital markets regulator Sebi on Wednesday got here out with a process for searching for its prior approval in case of change in command of portfolio managers. Under this, a web based utility must be made to the markets regulator for prior approval by way of the Sebi Intermediary Portal, it stated in a round.

The prior approval granted by the regulator can be legitimate for a interval of six months from the date of such go forward.

Further, purposes for recent registration following change in management can be made to Sebi inside six months from the date of prior approval.

Pursuant to the approval, all the prevailing traders or purchasers can be knowledgeable concerning the proposed change previous to effecting the identical, to be able to allow them to take properly knowledgeable determination relating to their continuance or in any other case with the modified administration, Sebi stated.

In April, the Securities and Exchange Board of India (Sebi) had notified norms whereby portfolio managers must get hold of prior approval of the capital markets regulator in case of change in management.

Sebi had earlier in March issued new framework for portfolio managers with regard to their {qualifications}.



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