Section 6 in SECURITIES AND EXCHANGE BOARD OF INDIA (CHANGE IN CONTROL IN INTERMEDIARIES) (AMENDMENT) REGULATIONS, 2023
6. In the Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations ,1993 ,the clause (bc )of regulation 2,shall be substituted as under ,namely ,-
"Change in control ” –(i)in case of a body corporate -(A)ifits 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 ;Amendment to the Securities and Exchange Board of India (Bankers to an Issue ) Regulations ,1994 .
