SEBI has amended the scope of ‘change in control’ by way of the SEBI (Change In Control In Intermediaries) (Amendment) Regulations, 2023 (‘Intermediaries Amendment Regulations’) which is applicable to various intermediaries including inter alia merchant bankers, debenture trustees, bankers to an issue, custodians, credit rating agencies, know-your-client registration agencies, research analysts, portfolio managers, vault managers, stock brokers, registrars to an issue and share transfer agents, investment advisors, depositories and participants and alternate investment funds.

In this regard, the definition of ‘change in control’ for body corporates: (i) whose shares are listed on a recognized stock exchange has been aligned with the definition of the term under the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;  (ii) whose shares are not listed on a recognized stock exchange has been aligned with the definition of the term under the Companies Act; and (iii) for cases other than a body corporate, as any change in its legal formation, ownership or change in controlling interest.