Section 15 in SECURITIES AND EXCHANGE BOARD OF INDIA (CHANGE IN CONTROL IN INTERMEDIARIES) (AMENDMENT) REGULATIONS, 2023
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 ,-
(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 ;
