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Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/59 - SEBI

Extract

..... a (Intermediaries) Regulations, 2008, - I. Schedule II, shall be substituted by the following, namely - “Schedule II (1) The applicant or intermediary shall meet the criteria, as provided in the respective regulations applicable to such an applicant or intermediary including: (a) the competence and capability in terms of infrastructure and manpower requirements; and (b) the financial soundness, which includes meeting the net worth requirements. (2) The ‘fit and proper person‘ criteria shall apply to the following persons: (a) the applicant or the intermediary; (b) the principal officer, the directors or managing partners, the compliance officer and the key management persons by whatever name called; and (c) the promoters o .....

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Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/59 - SEBI

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..... or enforcement agency in any matter concerning securities laws or financial markets and such order is in force; (iv) recovery proceedings have been initiated by the Board against such person and are pending; (v) an order of conviction has been passed against such person by a court for any offence involving moral turpitude; (vi) any winding up proceedings have been initiated or an order for winding up has been passed against such person; (vii) such person has been declared insolvent and not discharged; (viii) such person has been found to be of unsound mind by a court of competent jurisdiction and the finding is in force; (ix) such person has been categorized as a wilful defaulter; (x) such person has been declared a fugitive economic offen .....

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Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/59 - SEBI

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..... son within thirty days from the date of such disqualification failing which the ‘fit and proper person‘ criteria may be invoked against the intermediary: Provided further that if any person as referred in sub-clause (c) of clause (2) fails to satisfy the ‘fit and proper person‘ criteria, the intermediary shall ensure that such person does not exercise any voting rights and that such person divests their holding within six months from the date of such disqualification failing which the ‘fit and proper person‘ criteria may be invoked against such intermediary. (7) The ‘fit and proper person‘ criteria shall be applicable at the time of application of registration and during the continuity of regi .....

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Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021 - SEBI/LAD-NRO/GN/2021/59 - SEBI

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