Will put on hold 'fit and proper' notices to stock broker companies till August 2: SEBI to Bombay High Court

A dozen companies have challenged the constitutional validity of a provision under SEBI regulations, which stipulates "fit and proper person" criteria for intermediaries.

The Securities and Exchange Board of India (SEBI) informed the Bombay High Court on Thursday that for the time being, it will not insist on compliance with show cause notices issued under the SEBI (Intermediaries) Regulations, 2008 requiring securities market intermediaries to intimate if they satisfy certain "fit and proper person" criteria laid down in the 2008 regulations.

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