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MoreBack to News Headlines
SEBI Redefines Framework To Determine 'Fit And Proper Person'

SEBI Redefines Framework To Determine 'Fit And Proper Person'

NDTV
Friday, November 19, 2021 9:10 AM GMT

Market regulator SEBI has altered the criteria to determine "fit and proper person", a notification issued on Wednesday showed. Under Securities and Exchange Board of India's new framework, the criteria will be principle-based or rule-based.

New Delhi: Market regulator SEBI has altered the criteria to determine "fit and proper person", a notification issued on Wednesday showed. Under the Securities and Exchange Board of India's new framework, the criteria will be principle-based and/or rule-based.

The principle-based criteria include integrity, honesty, ethical behaviour, reputation, fairness, and character, according to the notification. Further, the rule-based norms will determine the 'fit and proper' status of the person based on the disqualifications stated by the market regulator.

Some of such disqualifications included an order of conviction passed against such person by a court for any offence, involving moral turpitude or such person has been declared insolvent and not discharged. A person categorised as wilful defaulter or declared a fugitive economic offender or against whom an order has been passed by SEBI or any other financial sector regulator will also be disqualified.

For 'fit and proper person' criteria, the applicant or intermediary needs to have competence and capability in terms of infrastructure, manpower requirements and financial soundness, including meeting the net worth requirement.

Read full story on NDTV
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