{"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":"<div style=\"text-align: justify;\">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><\/div>\n<h4>Key points:<\/h4>\n<ol>\n<li style=\"text-align: justify;\">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<li style=\"text-align: justify;\">Upon being satisfied with compliance of the applicable regulatory requirements, an in-principle approval will be granted by SEBI;<\/li>\n<li style=\"text-align: justify;\">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<li>\n<div style=\"text-align: justify;\">Within 15 days from the date of order of NCLT, applicant shall submit the following documents to SEBI for final approval:<\/div>\n<div style=\"text-align: justify;\">a. Application for the final approval;<\/div>\n<div style=\"text-align: justify;\">b. Copy of the NCLT Order approving the scheme;<\/div>\n<div style=\"text-align: justify;\">c. Copy of the approved scheme;<\/div>\n<div style=\"text-align: justify;\">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<div style=\"text-align: justify;\">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":"<p>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":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>SEBI issues circular on change in control of the asset 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