Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021

The Securities and Exchange Board of India vide circular dated 17th November, 2021 has issued the Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations, 2021. For the purpose of determining as to whether any person is a fit and proper person to act as an intermediary, the Board may take into account any criteria as it deems fit, including but not limited to the following:

1. Integrity, honesty, ethical behavior, reputation, fairness and character of the person;
2. The person not incurring any of the following disqualifications: (i)criminal complaint or information under section 154 of the Code of Criminal Procedure, 1973 (2 of 1974) has been filed against such person by the Board and which is pending; (ii)charge sheet has been filed against such person by any enforcement agency in matters concerning economic offences and is pending; (iii)an order of restraint, prohibition or debarment has been passed against such person by the Board or any other regulatory authority 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 offense involving moral turpitude;