Author: Noyonika Nair is a graduate from NLU Jodhpur. She specialises in Corporate Laws. She had worked with Khaitan & Co, Mumbai in the past. The concept of ‘fit and proper’ in corporate laws are just as alluding as the qualifying authority of ‘reasonableness’ in constitutional and administrative laws. The phrase ‘fit and proper’ as an epithet has been employed across commercial laws to provide regulatory oversight and assessment criteria for evaluating inter alia directors and key managerial personnel to ensure that such persons are capable to run the company. In India this criterion has been an object of proliferate use by regulatory authorities like Reserve Bank of India (RBI) and Securities and Exchange Board of India (SEBI). The key idea behind such criteria application is to increase corporate governance standards, and thereby investor protection and economy preservation. One of the key regulations of SEBI which deploy this criterion are Securities and Exchange Board of India (Intermediaries) Regulations 2021 (Intermediaries Regulation). This regulation aims to governs all middlemen in the capital market. Recently, SEBI issued a notification amending the vide Securities and Exchange Board of India (Intermediaries) (Third Amendment) Regulations 2021 (“Notification”). The Notification is effective from the date of its publication in the Official Gazette. Key Changes Key changes introduced to the Intermediaries Regulations are as follows: Application of ‘fit and proper person’ criteria:The ‘fit and proper person’ criteria shall apply to the applicant or the intermediary, principal officer, directors or managing partner, compliance officer and key managerial persons, promoter or persons holding controlling interest or persons exercising control over the applicant or intermediary, directly or indirectly.Principle based criteria for determining a ‘fit and proper person’:In addition to principle based criteria of integrity, reputation, character, absence of convictions/ restraint orders, the Notification has added additional criteria of honesty, ethical

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