407 GI/2023

(1)

रिज᭭ᮝी सं. डी.एल.- 33004/99

REGD. No. D. L.-33004/99

xxxGIDHxxx

xxxGIDExxx

असाधारण

EXTRAORDINARY

भाग III—ख᭛ ड 4

PART III—Section 4

ᮧािधकार से ᮧकािशत

PUBLISHED BY AUTHORITY

भारतीय ᮧितभूित और िविनमय बोडᭅ

अिधसूचना

मु᭥ बई, 17 जनवरी, 2023

भारतीय ᮧितभूित और िविनमय बोडᭅ [म᭟यवᳶतᭅयᲂ (इंटरमीिडयरीज़) के िनयंᮢण मᱶ पᳯरवतᭅन)] (संशोधन) िविनयम, 2023

सं. सेबी/एलएडी-एनआरओ/जीएन/2023/115.—बोडᭅ, भारतीय ᮧितभूित और िविनमय बोडᭅ अिधिनयम, 1992

(1992 का 15) कᳱ धारा 11 कᳱ उप-धारा (2) के खंड (ख) एवं खंड (खक), धारा 12 के साथ पᳯठत धारा 30 तथा

िनᭃेपागार अिधिनयम, 1996 (1996 का 22) कᳱ धारा 25 ᳇ारा ᮧदᱫ शिᲦयᲂ का ᮧयोग करते ᱟए एत᳏ारा भारतीय

ᮧितभूित और िविनमय बोडᭅ (᭭टॉक दलाल) िविनयम, 1992, भारतीय ᮧितभूित और िविनमय बोडᭅ (मचᱸट बᱹककार)

िविनयम, 1992, भारतीय ᮧितभूित और िविनमय बोडᭅ (िडबᱶचर ᭠यासी) िविनयम, 1993, भारतीय ᮧितभूित और

िविनमय बोडᭅ (िनगᭅम रिज᭭ᮝार और शेयर अंतरण अिभकताᭅ) िविनयम, 1993, भारतीय ᮧितभूित और िविनमय बोडᭅ

(िनगᭅमन बᱹककार) िविनयम, 1994, भारतीय ᮧितभूित और िविनमय बोडᭅ (अिभरᭃक) िविनयम, 1996, भारतीय

ᮧितभूित और िविनमय बोडᭅ (साख िनधाᭅरण एजᱶिसयाँ) िविनयम, 1999, भारतीय ᮧितभूित और िविनमय बोडᭅ [अपने

ᮕाहक को जािनये (केवाईसी) संबंधी रिज᭭ᮝीकरण एजᱶसी] िविनयम, 2011, भारतीय ᮧितभूित और िविनमय बोडᭅ

[आनुकि᭨पक िविनधान (िनवेश) िनिधयाँ] िविनयम, 2012, भारतीय ᮧितभूित और िविनमय बोडᭅ [िविनधान (िनवेश)

सलाहकार] िविनयम, 2013, भारतीय ᮧितभूित और िविनमय बोडᭅ (अनुसंधान िव᳣ेषक) िविनयम, 2014, भारतीय

ᮧितभूित और िविनमय बोडᭅ (िनᭃेपागार और सहभागी) िविनयम, 2018, भारतीय ᮧितभूित और िविनमय बोडᭅ

(पोटᭅफोिलयो ᮧबंधक) िविनयम, 2020 तथा भारतीय ᮧितभूित और िविनमय बोडᭅ (वॉ᭨ट ᮧबंधक) िविनयम, 2021 का

और संशोधन करने के िलए िन᳜िलिखत िविनयम बनाता है, अथाᭅत्,-

इन िविनयमᲂ को भारतीय ᮧितभूित और िविनमय बोडᭅ [म᭟यवᳶतᭅयᲂ (इंटरमीिडयरीज़) के िनयंᮢण मᱶ पᳯरवतᭅन)]

(संशोधन) िविनयम, 2023 कहा जा सकेगा ।

वे राजपᮢ मᱶ उनके ᮧकाशन कᳱ तारीख को ᮧवृᱫ (लागू) हᲂगे ।

भारतीय ᮧितभूित और िविनमय बोडᭅ (᭭टॉक दलाल) िविनयम, 1992 मᱶ संशोधन

सं. 41]

नई ᳰद᭨ली, मंगलवार, जनवरी 17, 2023/पौष 27, 1944

No. 41]

NEW DELHI, TUESDAY, JANUARY 17, 2023/PAUSHA 27, 1944

सी.जी.-एम.एच.-अ.-18012023-242059

CG-MH-E-18012023-242059

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART III—SEC.4]

भारतीय ᮧितभूित और िविनमय बोडᭅ (᭭टॉक दलाल) िविनयम, 1992 मᱶ, िविनयम 2 के उप-िविनयम (1) मᱶ खंड

(कग) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्,-

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, -

(i) िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

(क) यᳰद उसके शेयर ᳰकसी मा᭠यताᮧा᳙ ᭭टॉक ए᭍सचᱶज मᱶ सूचीब᳍ (िलि᭭टड) हᲂ, तो अिधिनयम कᳱ धारा 11 कᳱ उप-

धारा (2) के खंड (ज) के तहत बनाए गए िविनयमᲂ मᱶ दी गई िनयंᮢण कᳱ पᳯरभाषा के संदभᭅ मᱶ लगाया जाएगा;

(ख) यᳰद उसके शेयर ᳰकसी मा᭠यताᮧा᳙ ᭭टॉक ए᭍सचᱶज मᱶ सूचीब᳍ (िलि᭭टड) न हᲂ, तो कंपनी अिधिनयम, 2013

(2013 का 18) कᳱ धारा 2 कᳱ उप-धारा (27) मᱶ दी गई िनयंᮢण कᳱ पᳯरभाषा के संदभᭅ मᱶ लगाया जाएगा ;

(ii) िनगिमत िनकाय (बॉडी कारपोरेट) को छोड़कर अ᭠य मामले मᱶ, कानूनी तौर पर उसकᳱ संरचना या उसके ᭭वािम᭜व या

िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट) मᱶ ᳰकसी पᳯरवतᭅन के ᱨप मᱶ लगाया जाएगा |

᭭प᳥ीकरण – उप-खंड (ii) के ᮧयोजनाथᭅ, श᭣दᲂ “िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट)” का अथᭅ है – कम से कम पचास ᮧितशत

तक के मतािधकार या िहत (ᳰफर चाहे ᮧ᭜यᭃ हᲂ या अᮧ᭜यᭃ);”

भारतीय ᮧितभूित और िविनमय बोडᭅ (मचᱸट बᱹककार) िविनयम, 1992 मᱶ संशोधन

भारतीय ᮧितभूित और िविनमय बोडᭅ (मचᱸट बᱹककार) िविनयम, 1992 मᱶ, िविनयम 2 के उप-िविनयम (1) मᱶ

खंड (कघ) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्,-

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

(2013 का 18) कᳱ धारा 2 कᳱ उप-धारा (27) मᱶ दी गई िनयंᮢण कᳱ पᳯरभाषा के संदभᭅ मᱶ लगाया जाएगा ;”

भारतीय ᮧितभूित और िविनमय बोडᭅ (िडबᱶचर ᭠यासी) िविनयम, 1993 मᱶ संशोधन

भारतीय ᮧितभूित और िविनमय बोडᭅ (िडबᱶचर ᭠यासी) िविनयम, 1993 मᱶ, िविनयम 2 के खंड (कङ) के ᭭थान

पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्,-

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

भारतीय ᮧितभूित और िविनमय बोडᭅ (िनगᭅम रिज᭭ᮝार और शेयर अंतरण अिभकताᭅ) िविनयम, 1993 मᱶ संशोधन

भारतीय ᮧितभूित और िविनमय बोडᭅ (िनगᭅम रिज᭭ᮝार और शेयर अंतरण अिभकताᭅ) िविनयम, 1993 मᱶ,

िविनयम 2 के खंड (खग) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, -

(i) िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

[भाग III—ख᭛ ड 4]

भारत का राजपᮢ : असाधारण

िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट) मᱶ ᳰकसी पᳯरवतᭅन के ᱨप मᱶ लगाया जाएगा |

तक के मतािधकार या िहत (ᳰफर चाहे ᮧ᭜यᭃ हᲂ या अᮧ᭜यᭃ);”

भारतीय ᮧितभूित और िविनमय बोडᭅ (िनगᭅमन बᱹककार) िविनयम, 1994 मᱶ संशोधन

भारतीय ᮧितभूित और िविनमय बोडᭅ (िनगᭅमन बᱹककार) िविनयम, 1994 मᱶ, िविनयम 2 के खंड (कङ) के ᭭थान

पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

भारतीय ᮧितभूित और िविनमय बोडᭅ (अिभरᭃक) िविनयम, 1996 मᱶ संशोधन

भारतीय ᮧितभूित और िविनमय बोडᭅ (अिभरᭃक) िविनयम, 1996 मᱶ, िविनयम 2 मᱶ खंड (ख) के बाद और खंड

(ग) से पहले, िन᳜िलिखत खंड जोड़ा जाएगा, अथाᭅत्, -

“(खक) “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

भारतीय ᮧितभूित और िविनमय बोडᭅ (अिभरᭃक) िविनयम, 1996 मᱶ, िविनयम 9 मᱶ खंड (ख) के बाद और खंड

(ग) से पहले, िन᳜िलिखत खंड जोड़ा जाएगा, अथाᭅत्, -

“(कक) यह िनयंᮢण मᱶ पᳯरवतᭅन होने के मामले मᱶ बोडᭅ कᳱ पूवᭅ मंजूरी ᮧा᳙ करेगा, उसी ᮧकार जैसा बोडᭅ ᳇ारा िनधाᭅᳯरत

ᳰकया जाए;”

भारतीय ᮧितभूित और िविनमय बोडᭅ (साख िनधाᭅरण एजᱶिसयाँ) िविनयम, 1999 मᱶ संशोधन

10.

भारतीय ᮧितभूित और िविनमय बोडᭅ (साख िनधाᭅरण एजᱶिसयाँ) िविनयम, 1999 मᱶ, िविनयम 2 के उप-िविनयम

(1) मᱶ खंड (ङ-ii) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ,–

(क) यᳰद उसके शेयर ᳰकसी मा᭠यताᮧा᳙ ᭭टॉक ए᭍सचᱶज मᱶ सूचीब᳍ (िलि᭭टड) हᲂ, तो अिधिनयम कᳱ धारा 11 कᳱ

उप-धारा (2) के खंड (ज) के तहत बनाए गए िविनयमᲂ मᱶ दी गई िनयंᮢण कᳱ पᳯरभाषा के संदभᭅ मᱶ लगाया जाएगा;

भारतीय ᮧितभूित और िविनमय बोडᭅ [अपने ᮕाहक को जािनये (केवाईसी) संबंधी रिज᭭ᮝीकरण एजᱶसी] िविनयम, 2011 मᱶ

संशोधन

11.

भारतीय ᮧितभूित और िविनमय बोडᭅ [अपने ᮕाहक को जािनये (केवाईसी) संबंधी रिज᭭ᮝीकरण एजᱶसी] िविनयम,

2011 मᱶ, िविनयम 2 के उप-िविनयम (1) मᱶ खंड (घक) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ,–

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART III—SEC.4]

भारतीय ᮧितभूित और िविनमय बोडᭅ [आनुकि᭨पक िविनधान (िनवेश) िनिधयाँ] िविनयम, 2012 मᱶ संशोधन

12.

भारतीय ᮧितभूित और िविनमय बोडᭅ [आनुकि᭨पक िविनधान (िनवेश) िनिधयाँ] िविनयम, 2012 मᱶ, िविनयम 2

के उप-िविनयम (1) मᱶ खंड (च) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, -

(i) िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट) मᱶ ᳰकसी पᳯरवतᭅन के ᱨप मᱶ लगाया जाएगा |

तक के मतािधकार या िहत (ᳰफर चाहे ᮧ᭜यᭃ हᲂ या अᮧ᭜यᭃ);”

भारतीय ᮧितभूित और िविनमय बोडᭅ [िविनधान (िनवेश) सलाहकार] िविनयम, 2013 मᱶ संशोधन

13.

भारतीय ᮧितभूित और िविनमय बोडᭅ [िविनधान (िनवेश) सलाहकार] िविनयम, 2013 मᱶ, िविनयम 2 के उप-

िविनयम (1) मᱶ खंड (ङ) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, -

(i) िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट) मᱶ ᳰकसी पᳯरवतᭅन के ᱨप मᱶ लगाया जाएगा |

तक के मतािधकार या िहत (ᳰफर चाहे ᮧ᭜यᭃ हᲂ या अᮧ᭜यᭃ);”

भारतीय ᮧितभूित और िविनमय बोडᭅ (अनुसंधान िव᳣ेषक) िविनयम, 2014 मᱶ संशोधन

14.

भारतीय ᮧितभूित और िविनमय बोडᭅ (अनुसंधान िव᳣ेषक) िविनयम, 2014 मᱶ, िविनयम 2 के उप-िविनयम (1)

मᱶ खंड (च) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, -

(i) िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

[भाग III—ख᭛ ड 4]

भारत का राजपᮢ : असाधारण

िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट) मᱶ ᳰकसी पᳯरवतᭅन के ᱨप मᱶ लगाया जाएगा |

तक के मतािधकार या िहत (ᳰफर चाहे ᮧ᭜यᭃ हᲂ या अᮧ᭜यᭃ);”

भारतीय ᮧितभूित और िविनमय बोडᭅ (िनᭃेपागार और सहभागी) िविनयम, 2018 मᱶ संशोधन

15.

भारतीय ᮧितभूित और िविनमय बोडᭅ (िनᭃेपागार और सहभागी) िविनयम, 2018 मᱶ, िविनयम 2 के उप-

िविनयम (1) मᱶ खंड (ङ) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, -

(i) िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ, –

िनयंᮢक िहत (कंᮝोᳲलंग इंटरे᭭ट) मᱶ ᳰकसी पᳯरवतᭅन के ᱨप मᱶ लगाया जाएगा |

तक के मतािधकार या िहत (ᳰफर चाहे ᮧ᭜यᭃ हᲂ या अᮧ᭜यᭃ);”

16.

िविनयम (1) मᱶ खंड (च) हट जाएगा |

भारतीय ᮧितभूित और िविनमय बोडᭅ (पोटᭅफोिलयो ᮧबंधक) िविनयम, 2020 मᱶ संशोधन

17.

भारतीय ᮧितभूित और िविनमय बोडᭅ (पोटᭅफोिलयो ᮧबंधक) िविनयम, 2020 मᱶ, िविनयम 2 मᱶ उप-िविनयम (1)

मᱶ खंड (घ) हट जाएगा |

18.

भारतीय ᮧितभूित और िविनमय बोडᭅ (पोटᭅफोिलयो ᮧबंधक) िविनयम, 2020 मᱶ, िविनयम 2 के उप-िविनयम (1)

मᱶ खंड (ङ) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ,–

भारतीय ᮧितभूित और िविनमय बोडᭅ (वॉ᭨ट ᮧबंधक) िविनयम, 2021 मᱶ संशोधन

19.

भारतीय ᮧितभूित और िविनमय बोडᭅ (वॉ᭨ट ᮧबंधक) िविनयम, 2021 मᱶ, िविनयम 2 के उप-िविनयम (1) मᱶ खंड

(च) के ᭭थान पर िन᳜िलिखत खंड आ जाएगा, अथाᭅत्,-

“ “िनयंᮢण मᱶ पᳯरवतᭅन” का अथᭅ, िनगिमत िनकाय (बॉडी कारपोरेट) के मामले मᱶ,–

20.

भारतीय ᮧितभूित और िविनमय बोडᭅ (वॉ᭨ट ᮧबंधक) िविनयम, 2021 मᱶ, िविनयम 8 मᱶ, खंड (ख) के ᭭थान पर

िन᳜िलिखत खंड आ जाएगा, अथाᭅत्, -

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART III—SEC.4]

“(ख) वॉ᭨ट ᮧबंधक िनयंᮢण मᱶ पᳯरवतᭅन होने के मामले मᱶ बोडᭅ कᳱ पूवᭅ मंजूरी ᮧा᳙ करेगा, उसी ᮧकार जैसा बोडᭅ ᳇ारा

िनधाᭅᳯरत ᳰकया जाए;” |

बबीता रायुडू, कायᭅपालक िनदेशक

[िव᭄ापन-III/4/असा./567/2022-23]

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 17th January, 2023

SECURITIES AND EXCHANGE BOARD OF INDIA (CHANGE IN CONTROL IN INTERMEDIARIES)

(AMENDMENT) REGULATIONS, 2023

No. SEBI/LAD-NRO/GN/2023/115.—In exercise of the powers conferred by section 30 read with

clauses (b) and (ba) of sub-section (2) of section 11, section 12 of the Securities and Exchange Board of India

Act, 1992 (15 of 1992) and section 25 of the Depositories Act, 1996 (22 of 1996), the Board hereby makes the

following regulations to further amend the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992,

Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, Securities and Exchange Board of

India (Debenture Trustees) Regulations, 1993, Securities and Exchange Board of India (Registrars to an Issue and

Share Transfer Agents) Regulations, 1993, Securities and Exchange Board of India (Bankers to an Issue) Regulations,

1994, Securities and Exchange Board of India (Custodian) Regulations, 1996, Securities and Exchange Board of India

(Credit Rating Agencies) Regulations, 1999, Securities and Exchange Board of India {KYC (Know Your Client)

Registration Agency} Regulations, 2011, Securities and Exchange Board of India (Alternative Investment Funds)

Regulations, 2012, Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, Securities and

Exchange Board of India (Research Analysts) Regulations, 2014, Securities and Exchange Board of India

(Depositories and Participants) Regulations, 2018, Securities and Exchange Board of India (Portfolio Managers)

Regulations, 2020 and Securities and Exchange Board of India (Vault Managers) Regulations, 2021, namely, -

These regulations may be called the Securities and Exchange Board of India (Change in Control in

Intermediaries) (Amendment) Regulations, 2023.

They shall come into force on the date of their publication in the Official Gazette.

Amendment to the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992.

In the Securities and Exchange Board of India (Stock Brokers) Regulations, 1992, the clause (ac) in sub-

regulation (1) of regulation 2, shall be substituted as under, namely,-

““Change in control” –

(i) in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition

of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or

ownership or change in controlling interest.

Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest, direct

or indirect, to the extent of not less than fifty percent of voting rights or interest;”

Amendment to the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992.

In the Securities and Exchange Board of India (Merchant Bankers) Regulations, 1992, the clause (ad) in sub-

regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition

of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act;

[भाग III—ख᭛ ड 4]

भारत का राजपᮢ : असाधारण

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);”

Amendment to the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993.

In the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993, the clause (ae) of

regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition

of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);”

Amendment to the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)

Regulations, 1993.

In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents)

Regulations, 1993, the clause (bc) of regulation 2, shall be substituted as under, namely, -

““Change in control” –

(i) in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition

of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or

ownership or change in controlling interest.

Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest, direct

or indirect, to the extent of not less than fifty percent of voting rights or interest;”

Amendment to the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994.

In the Securities and Exchange Board of India (Bankers to an Issue) Regulations, 1994, the clause (ae) of

regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);”

Amendment to the Securities and Exchange Board of India (Custodian) Regulations, 1996.

In the Securities and Exchange Board of India (Custodian) Regulations, 1996, after clause (b) and before

clause (c) in regulation 2, the following shall be inserted, namely, -

““(ba) Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

In the Securities and Exchange Board of India (Custodian) Regulations, 1996, after clause (a) and before

clause (b) in regulation 9, the following shall be inserted, namely, -

“(aa) it shall obtain prior approval of the Board in case of change in control in such manner as specified by the

Board;”

Amendment to the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999.

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART III—SEC.4]

10.

In the Securities and Exchange Board of India (Credit Rating Agencies) Regulations, 1999, the clause (eii) in

sub-regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);”

Amendment to the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency}

Regulations, 2011.

11.

In the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations,

2011, the clause (da) in sub-regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);”

Amendment to the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012.

12.

In the Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012, the clause

(f) in sub-regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” –

(i) in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or

ownership or change in controlling interest.

Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest,

direct or indirect, to the extent of not less than fifty percent of voting rights or interest;”

Amendment to the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013.

13.

In the Securities and Exchange Board of India (Investment Advisers) Regulations, 2013, the clause (e) in

sub-regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” –

(i) in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or

ownership or change in controlling interest.

Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest,

direct or indirect, to the extent of not less than fifty percent of voting rights or interest;”

Amendment to the Securities and Exchange Board of India (Research Analysts) Regulations, 2014.

[भाग III—ख᭛ ड 4]

भारत का राजपᮢ : असाधारण

14.

In the Securities and Exchange Board of India (Research Analysts) Regulations, 2014, the clause (f) in sub-

regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” –

(i) in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or

ownership or change in controlling interest.

Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest,

direct or indirect, to the extent of not less than fifty percent of voting rights or interest;”

Amendment to the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

15.

In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, the clause

(e) in sub-regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” –

(i) in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal formation or

ownership or change in controlling interest.

Explanation – For the purpose of sub-clause (ii), the expression “controlling interest” means an interest,

direct or indirect, to the extent of not less than fifty percent of voting rights or interest;”

16.

In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, the clause

(f) in sub-regulation (1) of regulation 2, shall be omitted.

Amendment to the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020.

17.

In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, the clause (d) in sub-

regulation (1) of regulation 2, shall be omitted.

18.

In the Securities and Exchange Board of India (Portfolio Managers) Regulations, 2020, the clause (e) in sub-

regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of

2013);”

Amendment to the Securities and Exchange Board of India (Vault Managers) Regulations, 2021.

19.

In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, the clause (f) in sub-

regulation (1) of regulation 2, shall be substituted as under, namely, -

““Change in control” in case of a body corporate –

(A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the

definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the

Act;

THE GAZETTE OF INDIA : EXTRAORDINARY

[PART III—SEC.4]

(B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the

definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of

2013);

20.

In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, in regulation 8, the

clause (b) shall be substituted as under, namely, -

“(b) the Vault Manager shall obtain prior approval of the Board in case of change in control in such manner as

specified by the Board;”

BABITHA RAYUDU, Executive Director

[ADVT.-III/4/Exty./567/2022-23]

Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064

and Published by the Controller of Publications, Delhi-110054.

MANOJ KUMAR

VERMA

Digitally signed by MANOJ KUMAR VERMA

Date: 2023.01.18 16:25:21 +05'30'