An MIRSD Intermediary (Direct) needs to first determine if the change in shareholding is resulting into change in control. If there is no change in control, then the intermediary needs to give an intimation post change of shareholding by way of making an application for update details in the SI Portal. In the event of any new shareholder is being brought in, who either by himself or together with any other shareholder is considered to be “in control”, then a report in the prescribed format has to be filed establishing how such shareholder fulfils the “fit and proper person” criteria as prescribed under the SEBI (Intermediaries) Regulations, 2008 (refer to the Update Details - FAQs). However, in case of change in shareholding resulting into change in control, prior approval of SEBI is mandatory.