Fit and proper criteria govern depository personnel and shareholders, defining disqualifications and Board-final assessments. Regulation requires depositories to ensure that applicants, depositories, shareholders, directors and key management personnel meet fit and proper person criteria based on reputation, financial integrity, character and honesty, and specifies disqualifications including convictions for economic or securities offences, winding up or insolvency orders, Board orders restricting market access, pending recovery proceedings, willful defaulter status and other Board-specified disqualifications; directors or KMP found unfit must be replaced within thirty days and the Board's decision on fitness is final.