Fit and proper person criteria tightened for intermediaries, affecting eligibility, ongoing compliance and replacement obligations. The substituted Schedule II prescribes competence, capability and financial soundness requirements and applies fit and proper person criteria to applicants, key officers, directors and controlling persons (including 20%+ voting rights in unlisted entities). The Board may consider integrity and specified disqualifications-such as pending criminal complaints, economic-offence chargesheets, restraint/debarment orders, recovery or winding-up proceedings, insolvency, unsound mind findings, wilful defaulter status, fugitive economic offender designation and convictions for moral turpitude-and may render persons ineligible for registration. Intermediaries must replace disqualified key persons within thirty days or ensure divestment/cessation of voting by controlling persons within six months; criteria apply at registration and during continuance.
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 tightened for intermediaries, affecting eligibility, ongoing compliance and replacement obligations.
The substituted Schedule II prescribes competence, capability and financial soundness requirements and applies fit and proper person criteria to applicants, key officers, directors and controlling persons (including 20%+ voting rights in unlisted entities). The Board may consider integrity and specified disqualifications-such as pending criminal complaints, economic-offence chargesheets, restraint/debarment orders, recovery or winding-up proceedings, insolvency, unsound mind findings, wilful defaulter status, fugitive economic offender designation and convictions for moral turpitude-and may render persons ineligible for registration. Intermediaries must replace disqualified key persons within thirty days or ensure divestment/cessation of voting by controlling persons within six months; criteria apply at registration and during continuance.
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