What is the process to change the company's controlling interest of asset management ?

A. Requirement for Regulations.  Rule 22 (e) of SEBI's (Mutual Funds Regulations, 1996, there can be no change in the controlling interest of an asset management company unless 1. The trustees and Board have given their approval (i.e. 1. SEBI is notified of the proposed change. 2. A written communication is sent to unitholders. An advertisement is published in an English daily newspaper with nationwide circulation. 3. Unitholders have the option of exiting at the current Net Asset Value, without incurring any exit charges. You must follow the above conditions. The mutual funds should allow unitholders at least 30 days to exercise their exit options. B. B. The complete procedure to register under SEBI (Mutual Funds Regulations, 1996 can be found above under the heading

"What is the procedure to register a mutual fund with SEBI?", 

with the good interest of the investor or the holder, new sponsors and trustees must make the following undertakings:

1.  Assume full responsibility for the management and administration of the scheme, also matters related to the reconciliation of accounts (as though the schemes were being floated by new trustees at the date of taking over). 

2. managing of trusteeship of the liabilities as well as assets of all the schemes, i with unclaimed dividends or redemptions. 

3. All responsibilities and obligations in relation to investor grievances, if applicable, regarding the schemes taken over in accordance and pursuant the SEBI (Mutual Funds Regulations). C. Disclosures to Unitholders The mutual fund that is transferring control should file the draft letter to be sent out to unitholders in order to obtain SEBI approval for any change in the controlling interests of the asset management company. This information should be included in the draft letter to unitholders: The financial performance of the sponsor as well as its activities, according to the standard offer document. If a mutual fund already registered with SEBI is taking over the schemes, the draft letter must include condensed financial information for all schemes. This format should be consistent with the standard offer document. The unclaimed redemption amount and the dividend, as well as the process for unitholders to claim such amounts. D. Communication by SEBI SEBI may make any additional observations as needed after approving the AMC's change in controlling interests. E. Revisions to Offer Documents Information in existing schemes' offer documents shall be updated and revised in light of the mutual fund's controlling interest changing. This appendix should also be filed with SEBI as per the need by the SEBI (Mutual Funds), Regulations and Guidelines. F. Other situations In the event of any other circumstances, such as indirect control over the asset Management Company, change in promoters, etc., mutual funds should give all information to SEBI so that they can advise on the next steps. SEBI will assist the applicant in any way possible after receiving an application for change of control of the asset management firm. Normally, replies are sent within 21 days of receiving each communication from applicants during the change in controlling interest process.