Sebi tweaks ‘fit and proper person’ rule

The Securities and Exchange Board of India (Sebi) has tweaked the standards for figuring out “fit and proper person”, as per a notification issued Wednesday.Under the framework, these standards shall be principle-based and/or rule-based.
The principle-based standards embody integrity, honesty, moral behaviour, popularity, equity, and character. Further, the norms will decide match and correct standing of the individual primarily based on the disqualifications as has been prescribed.
Meanwhile, as per a PTI report, Sebi has declared Kailash Gupta, who was MD of erstwhile NMCE as a not “fit and proper person” to carry any place in administration and board of any commodities alternate after discovering him responsible of diverting and misappropriating funds of the bourse.