CIRCULAR
CIR/MIRSD/7/2011 June 17, 2011
To
All Merchant Bankers registered with SEBI
Dear Sir/ Madam,
Sub: Periodical report- Grant of prior approval to merchant bankers
1. SEBI (Merchant Bankers) Regulations, 1992 {hereinafter referred to as “the said Regulations”}, have been amended vide Notification No. LAD-NRO/GN/201112/03/12650 dated April 19, 2011 {hereinafter referred to as “the said amendment”}, a copy of which is available on SEBI website www.sebi.gov.in
2. With the said amendment, the requirement of taking prior approval by the merchant bankers from SEBI for change in status or constitution has been dispensed with. However, the merchant bankers are required to take prior approval from SEBI for change in control.
3. Further, the merchant bankers shall continue to report the following change(s) to SEBI through the half-yearly reports submitted in accordance with SEBI Circular No. MIRSD/DPS-2/MB/Cir-16/2008 dated May 06, 2008;
a. Amalgamation, demerger, consolidation or any other kind of corporate restructuring falling within the scope of section 391 of the Companies Act, 1956 (1 of 1956) or the corresponding provision of any other law for the time being in force
b. Change in Director, including managing director/ whole-time director
c. Change in shareholding not resulting in change in control
4. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
5. This circular is available on SEBI website (www.sebi.gov.in) under the categories “Legal Framework” and “Circulars”.
Yours faithfully,
SARAVANAN
Deputy General Manager
Tel. No: 022-26449220
Email id: [email protected]
