Fit and Proper Requirements

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....issue from time to time. 3. A Payment Service Provider shall establish effective systems and controls to ensure that all the Relevant Persons meet the 'fit and proper' criteria. 4. A Payment Service Provider shall carry out 'fit and proper' evaluation, in the format specified in the annex to this schedule of all Relevant Persons, both at the time of their appointment and at reasonably regular frequency thereafter. 5. A Relevant Person shall be deemed to be a fit and proper person if, based on the evaluation undertaken under 3 or any other information available with it, a Payment Service Provider is satisfied - (a) such person has a record of fairness and integrity, including but not limited to: (i) financial integ....

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....nnex to Schedule II Sr. No. Particulars 1 Whether any of the functionaries or any of the entities associated with the functionary have been refused a Registration/ Authorisation/ License by the Authority or any other regulatory authority or their Registration/ Authorization/ License has been suspended at any time prior to this application. (If Yes, provide details. If No, enclose a declaration to that effect). (for this clause, a person is said to be 'associated with' an entity if he/she is/ was a functionary of the entity)   2 Whether the functionary or any of the companies/ entities in which the functionary is/ was associated with1, is in default or have defaulted in the past in respect of credit facilities....

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....details.     9 Whether an order for winding up has been passed against any of the functionaries for malfeasance? If yes, please furnish details.     10 Whether an order restraining, prohibiting or debarring any of the functionaries from accessing or dealing in financial products or financial services, has been passed by any regulatory authority/ courts, and a period of five years from the date of the expiry of the period specified in the order has not elapsed? If yes, please furnish details.     11 Whether any other order against any of the functionaries, which has a bearing on the securities market, has been passed by any regulatory authority, and a period of five year....