Religious purpose exclusion versus charitable purpose: non overriding religious objects do not attract Explanation 3, registration directed under sect...
Search-assessment proviso jurisdiction, time-barred valuation reports, and denial of cross-examination vitiate valuation-based and confession-based ad...
Proceeds of crime: provisional attachment confirmed; equivalent value attachment and acquisition date fair market value upheld, Covid exclusion preser...
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SEBI amends the Intermediaries Regulations, 2008 by defining "days" as calendar days unless otherwise specified, revising the fit-and-proper framework in Schedule II, and tightening disclosure and replacement requirements. The amendment expands the events relevant to fitness assessment, requires the applicant or intermediary to notify SEBI within fifteen working days of specified events, and provides that a person may be declared not fit and proper only after a reasonable opportunity of hearing. It also shortens the remedial period in clause 5 to six months, clarifies that an associate or group entity's adverse declaration does not automatically affect the applicant or intermediary, and requires replacement or divestment for certain declared persons within prescribed periods.
SEBI amends the Intermediaries Regulations, 2008 by defining "days" as calendar days unless otherwise specified, revising the fit-and-proper framework in Schedule II, and tightening disclosure and replacement requirements. The amendment expands the events relevant to fitness assessment, requires the applicant or intermediary to notify SEBI within fifteen working days of specified events, and provides that a person may be declared not fit and proper only after a reasonable opportunity of hearing. It also shortens the remedial period in clause 5 to six months, clarifies that an associate or group entity's adverse declaration does not automatically affect the applicant or intermediary, and requires replacement or divestment for certain declared persons within prescribed periods.
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