Section 13(5) in Insurance Regulatory and Development Authority of India (Third Party Administrators - Health Services) Regulations, 2016
(5)Where there is a transmission of shares by operation of law, the Authority reserves the right to apply fit and proper criteria and if so warranted and direct the TPA to divest the stake within such period as may be stipulated by the Authority for reasons recorded and communicated in writing :Provided that the Authority shall give an opportunity of being heard to the TPA before issuing such directions to the TPA.
