Fit and proper person criteria expanded; disqualifications defined and mandatory replacement of unfit directors or KMP within a set period. Requirement and criteria of fit and proper person apply at all times to applicants, recognised stock exchanges, recognised clearing corporations, and their shareholders, directors and key management personnel, requiring general reputation, financial integrity, good character and honesty. Disqualifications include convictions for economic or securities offences, winding up or insolvency, regulatory orders restricting market access with bar periods, pending recovery proceedings by the Board, wilful defaulter categorisation, and other Board-specified disqualifications. Directors or KMP found unfit must be replaced within a specified period, failing which the fit and proper criterion may be invoked against the entity, and the Board's decision is final.
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Provisions expressly mentioned in the judgment/order text.
Fit and proper person criteria expanded; disqualifications defined and mandatory replacement of unfit directors or KMP within a set period.
Requirement and criteria of fit and proper person apply at all times to applicants, recognised stock exchanges, recognised clearing corporations, and their shareholders, directors and key management personnel, requiring general reputation, financial integrity, good character and honesty. Disqualifications include convictions for economic or securities offences, winding up or insolvency, regulatory orders restricting market access with bar periods, pending recovery proceedings by the Board, wilful defaulter categorisation, and other Board-specified disqualifications. Directors or KMP found unfit must be replaced within a specified period, failing which the fit and proper criterion may be invoked against the entity, and the Board's decision is final.
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