What would be the impact on validity of certificate in case of change in status or constitution of an Intermediary?

As per Regulation 9(1) of the SEBI (Intermediaries) Regulations, 2008, any certificate granted by the SEBI to an intermediary shall be subject to the condition, namely:- (a) where the intermediary proposes to change its status or constitution, it shall obtain prior approval of the SEBI for continuing to act as an intermediary after such change in status or constitution; (b) it has to pay the applicable fees in accordance with the relevant regulations; (c) it shall abide by the provisions of the securities laws and the directions, guidelines and circulars as may be issued thereunder; (d) it shall continuously comply with the requirements of regulation 4; (e) it shall meet the eligibility criteria and other requirements specified in SEBI (Intermediaries) Regulations, 2008 and the relevant regulations. The SEBI may impose other conditions as it may deem fit in the interest of investors or orderly development of the securities market or for regulation of the working of the intermediary and the intermediary shall comply with such conditions. (2) A request for prior approval, under clause (a) of sub regulation (1) which is complete in all respects shall be disposed off by the SEBI within a period of sixty days from the date of receipt of such request and where the decision of the SEBI has not been communicated to the intermediary within the said period of sixty days, the prior approval shall be deemed to have been granted. (3) The request for prior approval under clause (a) of sub regulation (1) shall contain the information in Form A in respect of the intermediary after the proposed change in status or constitution and the information under Part I of Form A shall be uploaded in the website specified by the SEBI.