SEBI Relaxes 'Fit and Proper' Norms for Brokers: FIR No Longer Means Immediate Disqualification

• SEBI proposes significant changes to 'fit and proper' criteria for brokers, addressing industry concerns.
• Filing of an FIR or charge sheet will no longer lead to immediate disqualification; guilt must be proven in court.
• Disqualified individuals will retain economic ownership of shares, but their voting rights will be withheld.
• SEBI will provide a full hearing opportunity before deeming anyone 'not fit and proper'.
• The cooling-off period after a show-cause notice has been reduced from one year to six months.