9 July 2015
RBI has come with two circulars dated July 09,2015 mentioning that prior approval of RBI will be required in cases of acquisition or transfer of control of NBFCs. The prior written permission of the RBI shall be required for: a) any takeover or acquisition of control of an NBFC. b) any change in the shareholding of an NBFC. c) any change in the management of the NBFC which would result in change in more than 30% of the directors, excluding independent directors. The circular requires prior Public Notice about change in control or management.