SEBI introduces changes to Fit & Proper framework

Securities and Exchange Board of India (SEBI) has introduced changes to its Fit & Proper framework, with a sharper focus on integrity, honesty and reputation. SEBI has noted that an FIR or chargesheet alone will not lead to automatic disqualification. Instead, each case will be assessed individually. Intermediaries will be required to inform SEBI within 15 days of such developments. Also, before declaring any entity not fit and proper, an opportunity for a hearing will be provided.

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