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Issues: Whether, after surrender of the certificate of registration and acceptance of such surrender before issuance of the show cause notice, the intermediary could still be declared not a fit and proper person under Schedule II of the SEBI (Intermediaries) Regulations, 2008.
Analysis: The intermediary had already surrendered its certificate of registration, and SEBI had accepted the surrender before the show cause notice was issued. In these circumstances, any direction to cancel the certificate of registration had become infructuous, and no further effective direction under Regulation 27 of the SEBI (Intermediaries) Regulations, 2008 was feasible. The status of being a fit and proper person was treated as co-terminus with the certificate of registration, and a post-surrender declaration of not being fit and proper was held to be legally unsustainable.
Conclusion: The declaration that the appellant was not a fit and proper person could not be sustained after surrender and acceptance of the certificate of registration, and the issue was decided in favour of the appellant.
Ratio Decidendi: A finding that an intermediary is not a fit and proper person cannot be maintained after the certificate of registration has been surrendered and the surrender accepted before issuance of the show cause notice, as the regulatory consequence is co-terminus with the subsisting registration.
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