Periodical report- Grant of prior approval to registrars to an issue and share transfer agents
Summary
SEBI amended the 1993 Regulations to dispense with prior approval for changes in status or constitution of Registrars to an Issue and Share Transfer Agents. However, these entities must still obtain prior SEBI approval for any change in control. Additionally, RTI/STAs are required to report specific corporate changes in their quarterly reports starting from the quarter ended June 30, 2011.
Text
With the said amendment, the requirement of taking prior approval by the Registrars to an Issue and Share Transfer Agents (RTI/STA) from SEBI for change in status or constitution has been dispensed with.
However, the RTI/STAs are required to take prior approval from SEBI for change in control.
Pursuant to the aforesaid notification, all RTI/STAs shall report the following change(s) to SEBI in the quarterly reports submitted in accordance with the SEBI Circular No. MIRSD/DPS-2/RTA/Cir-17/2008 dated May 06, 2008, commencing from the quarter ended June 30, 2011.
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
Change in Director, including managing director/ whole-time director
In case of a partnership firm any change in partners not amounting to dissolution of the firm
Change in shareholding not resulting in change in control
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.
Source: SecMarx — Periodical report- Grant of prior approval to registrars to an issue and share transfer agents. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.