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Mar 31, 2023

Modification to Procedure Seeking Prior Approval in Case of Change in Control of Portfolio Manager

SEBI had earlier specified the procedure seeking prior approval in cases of change in control of a portfolio manager (‘PM’) which, inter alia, provided that pursuant to receipt of such prior approval from SEBI, PM must inform its existing investors/clients about the proposed change and give them an exit option without any exit load. By way of Circular dated January 10, 2023, SEBI has partially modified the above procedure and has now directed that, in addition to the above, for clients under co-investment portfolio management services, the PM will ensure that the terms of exit from the co-investment in an investee company including the timing of exit will be identical to the terms applicable to that of exit of the alternative investment fund.

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These are the views and opinions of the author(s) and do not necessarily reflect the views of the Firm. This article is intended for general information only and does not constitute legal or other advice and you acknowledge that there is no relationship (implied, legal or fiduciary) between you and the author/AZB. AZB does not claim that the article's content or information is accurate, correct or complete, and disclaims all liability for any loss or damage caused through error or omission.

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