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of <h1>SEBI Amends Stock Exchange Regulations: Tightens 'Fit and Proper' Criteria for Management and Shareholders.</h1> The Securities and Exchange Board of India (SEBI) issued the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) (Third Amendment) Regulations, 2023, effective upon publication in the Official Gazette. Key changes include revised criteria for determining 'fit and proper' status for applicants, stock exchanges, clearing corporations, their shareholders, directors, and key management personnel. Criteria include financial integrity, reputation, and absence of disqualifications such as convictions for economic offenses. Amendments also include textual changes in regulation 23 and Schedule II. The regulations ensure compliance with the fit and proper criteria, mandating replacement of non-compliant personnel within 30 days.
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