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SEBI Smoothens approval Process for Change in Control of Portfolio Manager

Published on June 03, 2022
Current Context: Recently Sebi streamlined the process of providing its approval to the proposed change in control of a portfolio manager.
SEBI Smoothens approval Process for Change in Control of Portfolio Manager
  • According to the new circular it has specified that portfolio managers who are involved in the scheme of arrangement must need the sanction of the National Company Law Tribunal.
  • An online application needs to be made to the market regulator for prior approval through the Sebi Intermediary Portal.
  • The prior approval granted by the regulator will be valid for a period of six months.
  • Apart from that he also needs to inform its existing investors about the proposed change prior to effecting the same.
  • The option to exit without any exit load, within a period of at least 30 calendar days from the date of such communication.
  • Once the compliance was done SEBI will provide clearance and the validity of such clearance will be three months.

Question:

Q.1 As per the new circular of Sebi what will be the time period provided for the existing investors to come out without exit load?
a. 45 days
b. 30 days
c. 50 days
d. 90 days
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