Fit and proper person standard introduced for underwriter eligibility, expanding regulatory criteria upon Gazette commencement. The 1998 amendment to the Securities and Exchange Board of India (Underwriters) Regulations adds a new clause to regulation 6 specifying that an underwriter 'is a fit and proper person.' Promulgated under the Board's powers in the SEBI Act, the Securities and Exchange Board of India (Underwriters) Amendment Regulations, 1998 take effect on publication in the Official Gazette and thus expand the eligibility criteria for underwriters to include the fit and proper standard.
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Provisions expressly mentioned in the judgment/order text.
Fit and proper person standard introduced for underwriter eligibility, expanding regulatory criteria upon Gazette commencement.
The 1998 amendment to the Securities and Exchange Board of India (Underwriters) Regulations adds a new clause to regulation 6 specifying that an underwriter "is a fit and proper person." Promulgated under the Board's powers in the SEBI Act, the Securities and Exchange Board of India (Underwriters) Amendment Regulations, 1998 take effect on publication in the Official Gazette and thus expand the eligibility criteria for underwriters to include the fit and proper standard.
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