(1) The Board may require the applicant to furnish further information or clarification regarding matters relevant to investment advisory services for the purpose of consideration of the application filed under sub-regulation (2) of regulation 3.
(2) The applicant or his authorised representative, if so required, shall appear before the Board for personal representation.
5 Consideration of application and eligibility criteria.
6. For the purpose of the grant of certificate the Board shall take into account all matters which are relevant to the grant of certificate of registration and in particular the following, namely, —
(a) whether the applicant is an individual or a body corporate or a firm;
(b) whether in case the applicant is an individual, he is appropriately qualified and certified as specified in regulation 7;
(c) whether incase the applicant is a body corporate, all the representatives of the applicant who provide investment advice are appropriately qualified and certified as specified in regulation 7;
(d) whether in case the applicant is a firmor a limited liability partnership, all partners who are engaged in giving investment advice are qualified and certified as specified in regulation 7.
(e) whether the applicant fulfills the capital adequacy requirements as specified in regulation 8;
(f) whether the applicant,its representatives and partners, if any, are fit and proper persons based on the criteria as specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008;
(g) whether the applicant has the necessary infrastructure to effectively discharge the activities of an investment adviser;
(h) whether the applicant or any person directly or indirectly connected with the applicant has in the past been refused certificate by the Board and if so, the grounds for such refusal;
(i) whether any disciplinary action has been taken by the Board or any other regulatory authority against any person directly or indirectly connected to the applicant under the respective Act, rules or regulations made thereunder;
(j) In case a bank or an NBFC proposes to undertake investment advisory services, whether it has been permitted by Reserve Bank of Indiaand the application is made through a subsidiary or separately identifiable department or division;
(k) In case any body corporate, other than a Bank or NBFC, which proposes to undertake investment advisory services, whether, the application is made through a separately identifiable department or division;
(l) In case an entity incorporated outside India undertakes to provide investment advisory services under these regulations, whether, it has set up a subsidiary in India and whether such subsidiary has made the application for registration;
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(m) In case a foreign citizen proposes to undertake investment advisory services, whether the applicant has set up an office in Indiaand proposes to undertake investment advisory services through such office.
Qualification and certification requirement.