Fit and proper person criteria determine intermediary eligibility and disqualifications under SEBI regulations. Eligibility to act as a market intermediary requires being a fit and proper person, assessed by criteria including financial integrity, absence of convictions, competence, reputation, efficiency and honesty, and absence of statutory disqualifications. Specific disqualifications include convictions for moral turpitude or securities offences, winding up, undischarged insolvency, regulatory restraints or cancellations for market misconduct, withdrawal or refusal of market-related licenses, and financial unsoundness; certain orders impose prescribed ineligibility periods subject to Board discretion. Definitions specify who constitutes a whole time director and require consideration of capital adequacy or net worth when assessing financial soundness.
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.
Fit and proper person criteria determine intermediary eligibility and disqualifications under SEBI regulations.
Eligibility to act as a market intermediary requires being a fit and proper person, assessed by criteria including financial integrity, absence of convictions, competence, reputation, efficiency and honesty, and absence of statutory disqualifications. Specific disqualifications include convictions for moral turpitude or securities offences, winding up, undischarged insolvency, regulatory restraints or cancellations for market misconduct, withdrawal or refusal of market-related licenses, and financial unsoundness; certain orders impose prescribed ineligibility periods subject to Board discretion. Definitions specify who constitutes a whole time director and require consideration of capital adequacy or net worth when assessing financial soundness.
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