Fit and proper person definitions set the scope for intermediaries and prescribe cascading statutory meanings for regulatory use. Definitions frame the Criteria for Fit and Proper Person regulations by defining key terms-Act, Board, intermediary, "relevant regulations," and ... Summary
Fit and proper person definitions set the scope for intermediaries and prescribe cascading statutory meanings for regulatory use.
Definitions frame the Criteria for Fit and Proper Person regulations by defining key terms-Act, Board, intermediary, "relevant regulations," and "Schedule"-and by prescribing a cascading interpretive rule: undefined terms take their meanings from the Act, then the Securities Contracts (Regulation) Act, and thereafter the Companies Act to ensure consistent application of regulatory standards.
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