TMI BlogEligibility criteriaX X X X Extracts X X X X X X X X Extracts X X X X ..... argeted number of clients it plans to service, within two years of obtaining a certificate; and (iii) cumulative cash losses that the applicant projects to incur until the targeted breakeven date, along with the activities or areas in which such losses shall be incurred; Explanation . The targets mentioned in clause (c) of this regulation shall: A. be set by the applicants themselves; B. be limited to their operations in securities markets, i.e. related to issuers that are listed, or proposed to be listed, or whose securities are listed or proposed to be listed, on a recognized stock exchange; and C. be reasonable; (d) the applicant shall have submitted a declaration that it does not and shall not undertake any activity ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or any other intermediary registered with the Board; (h) the applicant shall have appointed a compliance officer; (i) the applicant shall have, in its employment, persons with adequate professional and other relevant experience to the satisfaction of the Board; (j) the applicant and its promoter(s), are fit and proper person(s), as per Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; (k) the applicant, during the past three years from the date of filing the application, has not been (i) refused by the Board a certificate under these regulations, or (ii) deemed not fit and proper by the Board, or (iii) subject to any enforcement action for a contravention of the Act or of a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t shall maintain a minimum shareholding of twnety six per cent. in the ESG rating provider for a minimum period of five years from the date of grant of registration by the Board; (iv) the applicant shall maintain a minimum liquid net worth of rupees five crores at all times: Provided that at the time of making the application, the applicant shall have a minimum liquid net worth of the higher of, A. rupees ten crores, or B. addition of rupees five crores and the target on cumulative cash losses until breakeven, as provided by the applicant under these regulations: Provided further that the liquid net worth can be drawn down in terms of the business plan submitted at the time of application for certificate, subject to complianc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided further that the liquid net worth can be drawn down in terms of the business plan submitted at the time of application for certificate, subject to compliance with these regulations; (ii) the applicant shall have at least two employees specialized across the following areas, at all times: A. governance, B. sustainability, C. social impact or social responsibility, and D. data analytics. Explanation . For the purposes of this regulations, one employee may be treated as a specialist in at most two of the above areas. A person shall be considered as specialized in an area if such person possesses any of the following: (a) has relevant work experience of not less than five years in the specified area; or (b) a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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