TMI BlogCriteria for determining a ‘fit and proper person’X X X X Extracts X X X X X X X X Extracts X X X X ..... d the key management persons by whatever name called; and (c) the promoters or persons holding controlling interest or persons exercising control over the applicant or intermediary, directly or indirectly: Provided that in case of an unlisted applicant or intermediary, any person holding twenty percent or more voting rights, irrespective of whether they hold controlling interest or exercise control, shall be required to fulfill the fit and proper person criteria. Explanation For the purpose of this sub-clause, the expressions controlling interest and control in case of an applicant or intermediary, shall be construed with reference to the respective regulations applicable to the applicant or intermediary. (3) For the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wilful defaulter; (x) such person has been declared a fugitive economic offender; or (xi) any other disqualification as may be specified by the Board from time to time. (4) Where any person has been declared as not fit and proper person by an order of the Board, such a person shall not be eligible to apply for any registration during the period provided in the said order or for a period of five years from the date of effect of the order, if no such period is specified in the order. (5) At the time of filing of an application for registration as an intermediary, if any notice to show cause has been issued for proceedings under these regulations or under section 11(4) or section 11B of the Act against the applicant or any other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... continuity of registration and the intermediary shall ensure that the persons as referred in sub-clauses (b) and (c) of clause (2) comply with the fit and proper person criteria. ] ************ 1 Inserted by the SEBI (Intermediaries) (Amendment) Regulations, 2016 , w.e.f. 25.05.2016. 2 Substituted for the symbol . by the SEBI (Intermediaries) (Amendment) Regulations, 2016 , w.e.f. 25.05.2016. 3 Inserted by the SEBI (Intermediaries) (Amendment) Regulations, 2016 , w.e.f. 25.05.2016. 4. Substituted vide Notification No. SEBI/LAD-NRO/GN/2021/59 dated 17-11-2021 before it was read as SCHEDULE II SECURITIES AND EXCHANGE BOARD OF INDIA (INTERMEDIARIES) REGULATIONS, 2008 (See regulations 7) Criteri ..... X X X X Extracts X X X X X X X X Extracts X X X X
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