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TMI BlogRequirement and criteria of fit and properX X X X Extracts X X X X X X X X Extracts X X X X ..... . (b) The depository shall ensure that all its shareholders, directors and key management personnel are fit and proper persons at all times. (2) For the purpose of these regulations, an applicant, or a depository shall be deemed to be a fit and proper person, if - (a) such a person has a general reputation and record of fairness and integrity, including but not limited to (i) financial integrity; ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Order has not elapsed: Provided that for the purpose of sub-clauses (iv) and (v), any Order passed by the Board against a depository shall not affect the operation of such a depository unless expressly mentioned in the Order. (vi) the Board has initiated recovery proceedings under the Act or the Securities and Exchange Board of India Act, 1992 (15 of 1992) that are pending; (vii) the person i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... within thirty days from the date of such disqualification, failing which the fit and proper person criteria may be invoked against the depository. (5) Any disqualification of the depository under sub-regulation (2) shall not have any bearing on the fit and proper status of the directors or key management personnel unless the directors or key management personnel are also found to incur the same di ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it and proper person under these regulations, the criteria specified under regulation 20 of Securities Contracts (Regulation) (Stock exchanges and Clearing Corporations) Regulations, 2018, shall be applicable (3) If any question arises on the decision of a depository as to whether a person is fit and proper, the Board s decision on such question shall be final. - - statute, statutory provisions ..... X X X X Extracts X X X X X X X X Extracts X X X X
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