SEBI Amends ‘Fit and Proper’ Criteria for Stock Exchanges and Clearing Corporations
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- By Chetan Kulasri
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- Last Updated on 28 August, 2023
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Notification No. SEBI/LAD-NRO/GN/2023/148., Dated: 22.08.2023
SEBI has notified an amendment to Securities Contracts (Regulation) (SEs and Clearing Corps.) Regulations, 2018. An amendment has been made to Reg 20, which outlines the requirement and criteria for determining a ‘fit and proper’ person. As per the amended norms, if any director or KMP of the stock exchange or clearing corporation is not deemed to be fit and proper, then the stock exchange or clearing corporation must replace such person within 30 days from date of the disqualification.
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