Section 3 in SECURITIES AND EXCHANGE BOARD OF INDIA (CHANGE IN CONTROL IN INTERMEDIARIES) (AMENDMENT) REGULATIONS, 2023
3. 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 );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 .
