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of <h1>SEBI Sets Criteria for 'Fit and Proper Person' Status: Integrity, Competence, Financial Soundness, and Disqualifications Explained</h1> The Securities and Exchange Board of India (SEBI) outlines criteria for determining if an applicant or intermediary is a 'fit and proper person' for registration. Key considerations include financial integrity, absence of convictions, competence, reputation, honesty, and lack of disqualifications. Disqualifications include convictions for moral turpitude or economic offenses, insolvency, regulatory restrictions, or financial instability. SEBI may allow exceptions to the three-year disqualification period for certain regulatory orders. The regulation also defines 'whole time director' in relation to mutual funds and venture capital funds, and considers capital adequacy or net worth for financial soundness.
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