Section 23 in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
23. Requirement of fit and proper.
(1)The depository shall ensure that all its directors and key management personnel are fit and proper persons at all times.(2)For the purpose of determining whether an applicant, depository, its shareholder, director, key management personnel or a participant, is a 'fit and proper person' under these regulations, the criteria specified under regulation 20 of Securities Contracts (Regulation) (Stock exchanges and Clearing Corporations) Regulations, 2018, shall be applicable(3)If any question arises on the decision of a depository as to whether a person is fit and proper, the Board's decision on such question shall be final.
