Conditions for eligibility

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.... a) the applicant is set up and registered as a company under the Companies Act, 1956; b) the applicant has, in its Memorandum of Association specified the managing of collective investment scheme as one of its main objects; ^1[(c) the applicant or its promoters should have a sound track record and general reputation of fairness and integrity in all their business transaction....

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....less than rupees hundred crore till it has profits for five consecutive years in case the requirements under sub-clause (iii) of clause (c) of this regulation is not fulfilled;] d) the applicant is a fit and proper person for the grant of such certificate; e) the applicant has adequate infrastructure to enable it to operate collective investment scheme in accordance with the prov....

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....f this clause, the Board shall take into account whether the previous application for a certificate of any person, directly or indirectly, connected with the applicant has been rejected by the Board or any disciplinary action has been taken against such person under the Act or any of the rules or any of the regulations made under the Act. (i) at least one of the directors, on the Board of....