Consideration of application

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....vant to the activities relating to portfolio management. (2) Without prejudice to the generality of the foregoing provisions, the Board shall consider whether- (a) the applicant is a body corporate; (b) the applicant has the necessary infrastructure like adequate office space, equipments and the manpower to effectively discharge the activities of a portfolio manager; ^2[(c) the princip....

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....son directly or indirectly connected with the applicant has been rejected by the Board; (f) any disciplinary action has been taken by the Board against a person directly or indirectly connected with the applicant under the Act or the Rules or the Regulations made thereunder. Explanation.─ For the purposes of sub-clauses (e) and (f), the expression "person directly or indirectly connect....

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....grant of certificate to the applicant is in the interest of investors.]   ******** 1 Substituted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2002, w.e.f. 11-10-2002. Prior to substitution, regulation 6 read as under: "6. Consideration of application.─ The Board shall take into account for considering the grant of a certificate, all matters which are relevant....

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.... of the applicant being a body corporate; (d) the applicant fulfils the capital adequacy requirements specified in regulation 7; (e) the applicant, his partner, director or principal officer is not involved in any litigation connected with the securities market and which has an adverse bearing on the business of the applicant; (f) the applicant, his director, partner or principal officer ....