Recognition conditions for self regulatory organisations require fit and proper status, prescribed structural, financial and integrity safeguards for investor protection. Regulation 4 bars the Board from considering SRO certification applications unless the applicant is a company authorised in its memorandum to admit members and perform SRO functions, meets prescribed financial and infrastructure requirements and employs suitably experienced staff, and the applicant and its directors demonstrate professional competence, financial soundness, integrity, absence of securities market litigation likely to harm investors, no convictions for moral turpitude or economic offences, and are fit and proper under Schedule II; certification must also be in the interest of investors and the securities market.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Recognition conditions for self regulatory organisations require fit and proper status, prescribed structural, financial and integrity safeguards for investor protection.
Regulation 4 bars the Board from considering SRO certification applications unless the applicant is a company authorised in its memorandum to admit members and perform SRO functions, meets prescribed financial and infrastructure requirements and employs suitably experienced staff, and the applicant and its directors demonstrate professional competence, financial soundness, integrity, absence of securities market litigation likely to harm investors, no convictions for moral turpitude or economic offences, and are fit and proper under Schedule II; certification must also be in the interest of investors and the securities market.
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