Regulatory Alerts2026-04-16
Added · Updated
Securities and Exchange Board of India (Intermediaries) (Amendment) Regulations, 2026
The Securities and Exchange Board of India (SEBI) amends the Securities and Exchange Board of India (Intermediaries) Regulations, 2008, by defining 'days' as calendar days and updating Schedule II to replace disqualification criteria with 'fit and proper person' assessments. The amendment introduces a requirement for intermediaries to report 'unfit' associates within fifteen working days and mandates replacement within thirty working days, or divestment of holdings within six months, failing which regulatory action may be taken. Additionally, the maximum period for 'unfit' declarations is reduced from one year to six months, and the Board is explicitly empowered to declare a person not fit and proper after granting a reasonable opportunity of being heard.