Fit and proper person requirement: prior Board approval required to acquire or hold substantial equity in a recognised stock exchange. Persons acquiring or holding more than five per cent of a recognised stock exchange must obtain prior Board approval and qualify as fit and proper persons, demonstrated by reputation, financial integrity, good character and honesty; disqualifications include convictions for moral turpitude or economic or securities offences, winding up orders, undischarged insolvency, regulatory restraining or debarring orders with prescribed exclusion periods, findings of unsound mind, and financial unsoundness, and the Board's decision on fitness is final.