Fit and proper person criteria tightened: expanded disqualifications, director replacement obligation and Board's decision deemed final. The amendment strengthens the fit and proper person requirement for applicants, depositories, shareholders, directors and key management personnel by defining fitness indicators (financial integrity, reputation, honesty) and listing disqualifications (convictions for economic or securities offences; winding up, insolvency; Board orders restricting market access or bearing on the securities market with specified consideration periods; pending recovery proceedings; willful defaulter status; and other Board specified disqualifications). Depositories must replace unfit directors or KMP within a short prescribed period and the Board's decision on fitness is final.
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Provisions expressly mentioned in the judgment/order text.
Fit and proper person criteria tightened: expanded disqualifications, director replacement obligation and Board's decision deemed final.
The amendment strengthens the fit and proper person requirement for applicants, depositories, shareholders, directors and key management personnel by defining fitness indicators (financial integrity, reputation, honesty) and listing disqualifications (convictions for economic or securities offences; winding up, insolvency; Board orders restricting market access or bearing on the securities market with specified consideration periods; pending recovery proceedings; willful defaulter status; and other Board specified disqualifications). Depositories must replace unfit directors or KMP within a short prescribed period and the Board's decision on fitness is final.
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