The SEBI will ask you for fit and proper person declaration form for SEBI Investment adviser and the Research analyst license. The SEBI need to know that are you fit and proper for the role which will be given to you for Investment adviser or Research analyst. This will ask you about your integrity, honesty, ethical behaviour, reputation, fairness and character.
I am putting word to word and image below regarding updated fit and proper person declaration which is send by the SEBI officer for my Research analyst application process.
Please provide the following “fit and proper“ declarations:
We, the directors and principle officer, on behalf of the applicant [Name of the
applicant, director, principal officer ], declare that the firm, the directors, the principle
officer and the persons associated with investment advice if any, are fit and proper
persons as per Schedule II of Intermediaries Regulations 2008 with following but not
limited to:
(a) Are persons of integrity, honesty, ethical behaviour, reputation, fairness and character
(b) We have not incurred any of the following disqualifications:
- Criminal complaint or information under section 154 of the Code of Criminal Procedure, 1973 (2 of 1974) has been filed against such person by the Board and which is pending;
- charge sheet has been filed against such person by any enforcement agency in matters concerning economic offences and is pending;
- An order of restraint, prohibition or debarment has been passed against such person by the Board or any other regulatory authority or enforcement agency in any matter concerning securities laws or financial markets and such order is in force;
- Recovery proceedings have been initiated by the Board against such person and are pending;
- An order of conviction has been passed against such person by a court for any offence involving moral turpitude;
- Any winding up proceedings have been initiated or an order for winding up has been passed against such person;
- Such person has been declared insolvent and not discharged;
- Such person has been found to be of unsound mind by a court of competent jurisdiction and the finding is in force;
- Such person has been categorized as a wilful defaulter;
- Such person has been declared a fugitive economic offender; or
- Any other disqualification as may be specified by the Board from time to time. Further,
- we are aware that at the time of filing of an application for registration as an intermediary, if any notice to show cause has been issued against any of us, for proceedings under these regulations or under section 11(4) or section 11B of the Act against the applicant or any other person referred in clause (2), then our application shall not be considered for grant of registration for a period of one year from the date of issuance of such notice or until the conclusion of the proceedings, whichever is earlier.
Also, declarations have to be provided on behalf of all the entities who are having direct and indirect control over the applicant or through representation on the board of the applicant.
You can write all above in declaration format and send it to your SEBI officer, You will get your licence withing 10-15 working days.
In my above case after 8-10 successful clarification update to the SEBI this is the last clarification we got and after that we are sure will get our licence very soon and within 10 working days we received a mail from SEBI on my mail id regarding payment for new Research analyst entity.
Hope this article helps you to solve your query.