This follows the issuance of the “Fit and Proper” requirements under the CBB Rulebook ... detailed the practical application mechanisms and criteria for evaluating candidates for leadership positions.

Under Sebi's intermediaries norms, the 'fit and proper person' criteria apply to promoters, those with controlling interest, or those exercising control over an applicant or intermediary.

This meant share transfers took up to four months, during which time NSE had to vet the bona fides of the prospective buyer in accordance with Sebi's fit-and-proper criteria for a shareholder of a ...