ET BureauMumbai: The Securities and Exchange Board of India (Sebi) on Monday streamlined the process for approval whenever there is a proposed change in control of an asset management company(AMC) following a merger or acquisition.
The regulator said AMCs should first file the application with it for getting an in-principle approval and then with the National Company Law Tribunal(NCLT).
The in-principle approval would be valid for three months from the date of issuance, within which the relevant application should be made to the NCLT.
Following the NCLT order, within 15 days AMCs should submit relevant documents with Sebi for its final approval. The new rules would be applicable for all applications filed with NCLT from March 1, 2022, Sebi said in a circular.
The regulator said AMCs should first file the application with it for getting an in-principle approval and then with the National Company Law Tribunal(NCLT).
The in-principle approval would be valid for three months from the date of issuance, within which the relevant application should be made to the NCLT.
Following the NCLT order, within 15 days AMCs should submit relevant documents with Sebi for its final approval. The new rules would be applicable for all applications filed with NCLT from March 1, 2022, Sebi said in a circular.
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