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ARTICLE · 01 APRIL 2026

Changes To The "Fit And Proper Person" Criteria

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The Securities and Exchange Board of India (SEBI), at its 213th board meeting held on 23 March 2026, approved amendments to the "fit and proper person" criteria prescribed under Schedule II of The Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (Intermediaries Regulations).

IndiaFinance and Banking
Vivek Mimani
Vivek Mimani
Gaurita Udiyawar
Gaurita Udiyawar
Garv Gupta
Garv Gupta
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Background

The Securities and Exchange Board of India (SEBI), at its 213th board meeting held on 23 March 2026, approved amendments to the "fit and proper person" criteria prescribed under Schedule II of The Securities and Exchange Board of India (Intermediaries) Regulations, 2008 (Intermediaries Regulations).

The proposed amendments (Proposed Amendments) follow SEBI's consultation paper dated 4 February 2026, which proposed revisions to the "fit and proper person" criteria with the objective of balancing ease of compliance for market participants on the one hand and the regulatory imperative of ensuring that only persons possessing integrity, honesty, ethical behaviour, reputation, fairness and character operate in the securities market on the other hand.

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