SEBI vide circular dated 21. 04. 2023 has clarified the procedure for seeking prior approval for change in control of Vault Managers. An application shall be made by the Vault Managers to SEBI for prior approval through the SEBI Intermediary Portal(‘SI Portal’)( https://siportal.sebi.gov.in).
The application shall be accompanied by the following information/declaration about itself, the acquirer(s)/the person(s) who shall have the control and their directors/ partners :
- Present and proposed shareholding pattern of the applicant
- Whether any application was made in the past to SEBI by the acquirer/persons who shall have control seeking registration in any capacity but was not granted? If yes, details thereof.
- Whether any action has been initiated/ taken for violation of the provisions of Securities Contracts (Regulation) Act, 1956/Securities and Exchange Board of India Act, 1992 / Depositories Act, 1996 or rules and regulations made thereunder? If yes, the status thereof along with the corrective action taken to avoid such violations in the future. The acquirer/ the person who shall have the control needs to confirm that it shall honour all past liabilities / obligations of the applicant, if any.
- Whether any investor complaint is pending? If yes, steps taken for resolution and confirmation that the acquirer/ the person who shall have the control shall resolve the same.
- Details of litigation(s), if any.
- Declaration of the applicant and the acquirer/ the person who shall have the control(in a format enclosed at Annexure), duly signed by their authorized signatories that the ‘fit and proper person’ criteria as specified in Schedule II of SEBI (Intermediaries) Regulations, 2008 are complied.
