Fit and proper requirements

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....all times: Provided that, in respect of a listed recognised market infrastructure institution, the onus to ensure fit and proper person for shareholders shall be on: (a) the acquirer in respect of shareholding less than 5 per cent. in the recognised market infrastructure institution; and (b) the acquirer and recognised market infrastructure institution in respect of shareholdi....

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....ial regulatory authority and is pending; (iii) an order for winding up has been passed against the person for malfeasance; (iv) the person, or any of its whole-time directors or managing partners, has been declared insolvent and has not been discharged; (v) an order, restraining, prohibiting or debarring the person or any of its whole-time directors or managing partners,....