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of <h1>SEBI Amends Depositories and Participants Regulations, 2023: New Criteria for 'Fit and Proper Person' Defined.</h1> The Securities and Exchange Board of India (SEBI) has introduced the Second Amendment to the Depositories and Participants Regulations, 2023. This amendment revises the criteria for determining a 'fit and proper person' applicable to applicants, depositories, shareholders, directors, and key management personnel. It outlines the qualifications and disqualifications necessary for maintaining integrity and financial soundness. The amendment also mandates that any director or key management personnel deemed unfit must be replaced within 30 days. Additionally, various linguistic updates were made to the regulations, replacing 'comprise of' with 'consist of' in several sections.
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