{"id":260954,"date":"2022-02-01T14:30:31","date_gmt":"2022-02-01T09:00:31","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260954"},"modified":"2022-02-01T12:22:28","modified_gmt":"2022-02-01T06:52:28","slug":"sebi-issues-circular-on-change-in-control-of-the-asset-management-company-involving-scheme-of-arrangement-under-companies-act-2013","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/01\/sebi-issues-circular-on-change-in-control-of-the-asset-management-company-involving-scheme-of-arrangement-under-companies-act-2013\/","title":{"rendered":"SEBI issues circular on change in control of the asset management company involving scheme of arrangement under Companies Act, 2013"},"content":{"rendered":"
On January 31, 2022, SEBI issues circular on change in control of the asset management company involving scheme of arrangement under Companies Act, 2013 in order to streamline the process of providing approval to the proposed change in control of an AMC involving scheme of arrangement which needs sanction of National Company Law Tribunal (\u201cNCLT\u201d) in terms of the provisions of the Companies Act, 2013.<\/div>\n
<\/div>\n

Key points:<\/h4>\n
    \n
  1. Application seeking approval for the proposed change in control of the AMC under Regulation 22(e) of MF Regulations shall be filed with SEBI prior to filing the application with the NCLT;<\/li>\n
  2. Upon being satisfied with compliance of the applicable regulatory requirements, an in-principle approval will be granted by SEBI;<\/li>\n
  3. Aalidity of such in-principle approval shall be three months from the date of issuance, within which the relevant application shall be made to NCLT.<\/li>\n
  4. \n
    Within 15 days from the date of order of NCLT, applicant shall submit the following documents to SEBI for final approval:<\/div>\n
    a. Application for the final approval;<\/div>\n
    b. Copy of the NCLT Order approving the scheme;<\/div>\n
    c. Copy of the approved scheme;<\/div>\n
    d. Statement explaining modifications, if any, in the approved scheme vis-\u00e0-vis the draft scheme and the reasons for the same; and<\/div>\n
    e. Details of compliance with the conditions\/ observations mentioned in the in-principle approval provided by SEBI.<\/div>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    On January 31, 2022, SEBI issues circular on change in control of the asset management company involving scheme of arrangement under Companies <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,1193],"tags":[],"class_list":["post-260954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-notifications"],"yoast_head":"\nSEBI issues circular on change in control of the asset management company involving scheme of arrangement under Companies Act, 2013 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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Regulation 25 of SEBI (Mutual Funds) Regulations,1996 (\u2018MF Regulations\u2019), asset management companies are required to invest\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":237751,"url":"https:\/\/www.scconline.com\/blog\/post\/2020\/10\/20\/nclat-if-objections-raised-in-regard-to-scheme-under-s-230-of-companies-act-2013-are-procedural-in-nature-can-they-be-overruled-tribunal-expounds\/","url_meta":{"origin":260954,"position":3},"title":"NCLAT | If objections raised in regard to “Scheme” under S. 230 of Companies Act, 2013 are procedural in nature, can they be overruled? Tribunal expounds","author":"Bhumika Indulia","date":"October 20, 2020","format":false,"excerpt":"National Company Law Appellate Tribunal (NCLAT):\u00a0A Division Bench of Justice Jarat Kumar Jain (Judicial Member) and Balvinder Singh (Technical Member) while addressing the present appeal observed that, Scheme under Section 230 of the Companies Act, 2013 cannot be used as method of rectification of the actions already taken. Appellant preferred\u2026","rel":"","context":"In "Case Briefs"","block_context":{"text":"Case Briefs","link":"https:\/\/www.scconline.com\/blog\/post\/category\/casebriefs\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2017\/08\/NCLAT.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":261433,"url":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/10\/sebi-issues-circular-on-audit-committee-of-asset-management-companies-amcs\/","url_meta":{"origin":260954,"position":4},"title":"SEBI issues circular on Audit Committee of Asset Management Companies (AMCs)","author":"Bhumika Indulia","date":"February 10, 2022","format":false,"excerpt":"On February 09, 2022, SEBI has issued a circular on Audit Committee of Asset Management Companies (AMCs). It has been decided that the AMCs of mutual funds shall be required to constitute an Audit Committee. The circular provides the role, responsibility, membership and other features of the Audit Committee of\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/www.scconline.com\/blog\/wp-content\/uploads\/2021\/08\/MicrosoftTeams-image-135.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]},{"id":250868,"url":"https:\/\/www.scconline.com\/blog\/post\/2021\/07\/07\/sebi-issues-circular-clarifying-procedure-in-case-of-delisting-of-a-subsidiary-company-through-a-scheme-of-arrangement-wherein-listed-parent-company-and-listed-subsidiary-are-in-the-same-line-of-busin\/","url_meta":{"origin":260954,"position":5},"title":"SEBI issues circular clarifying procedure in case of delisting of a subsidiary company through a Scheme of Arrangement wherein listed parent company and listed subsidiary are in the same line of business","author":"Prachi Bhardwaj","date":"July 7, 2021","format":false,"excerpt":"SEBI has issued a circular dated July 06, 2021, providing a standard operative procedure and clarifying the purpose of defining \u201csame line of business\u201d in cases where a listed subsidiary desirous of getting delisted through a scheme of arrangement wherein the listed parent holding company and listed subsidiary are in\u2026","rel":"","context":"In "Legislation Updates"","block_context":{"text":"Legislation Updates","link":"https:\/\/www.scconline.com\/blog\/post\/category\/legislationupdates\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260954","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/users\/8808"}],"replies":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/comments?post=260954"}],"version-history":[{"count":0,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/posts\/260954\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media\/252507"}],"wp:attachment":[{"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/media?parent=260954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/categories?post=260954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.scconline.com\/blog\/wp-json\/wp\/v2\/tags?post=260954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}