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TMI BlogProcedure for seeking prior approval for change in control of Vault ManagersX X X X Extracts X X X X X X X X Extracts X X X X ..... such manner as specified by the Board. The link for the said amendment is available at SEBI (Change in Control in Intermediaries) (Amendment) Regulations, 2023 2. The procedure for obtaining prior approval in case of change in control of Vault Managers is specified as under: 2.1. 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). 2.2. 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: a. Present and proposed shareholding pattern of the applicant b. Whether any application was made in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uant to change in control shall be made to SEBI within six months from the date of prior approval. 2.6. Upon receipt of prior approval from SEBI for change in control and prior to effecting such change in control, the Vault Manager shall communicate to its existing EGR investors about the proposed change in control and an option to relocate the physical gold stored in its vault(s) to any other Vault Manager within a period of not less than 30 calendar days from the date of such communication. 2.7. The matters which involve scheme(s) of arrangement and need sanction of the National Company Law Tribunal ( NCLT ) in terms of the provisions of the Companies Act, 2013 , the Vault Manager shall ensure the following: 2.7.1. The applicati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with Regulation 28 of SEBI (Vault Managers) Regulations, 2021 to protect the interests of investors in securities market and to promote the development of, and to regulate the securities market. 6. The circular is available on SEBI website at www.sebi.gov.in under the categories Info for Commodity Derivatives and Legal framework -Circulars . Yours faithfully, Naveen Sharma General Manager Phone 022 2644 9709 [email protected] Annexure Declaration-Cum-Undertaking We M/s. ( Name of the intermediary/the acquirer/person who shall have the control ) hereby declare and undertake the following with respect to the application for prior approval for change in control of ( name of the inter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nitiated by the Board against us and are pending. (v) No order of conviction has been passed against us by a court for any offence involving moral turpitude. (vi) No winding up proceedings have been initiated or an order for winding up has been passed against us. (vii) We have not been declared insolvent. (viii) We have not been found to be of unsound mind by a court of competent jurisdiction and no such finding is in force. (ix) We have not been categorized as a wilful defaulter. (x) We have not been declared a fugitive economic offender. 4. We have not been declared as not fit and proper person by an order of the Board. 5. No notice to show cause has been issued for proceedings under SEBI (Intermediaries) Regulat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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