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CS Professional · IFSCA - Regulations, Listing and Compliances · Capital Market Intermediaries

Meridian Markets Ltd is a registered intermediary in GIFT IFSC. Its principal officer resigns and a new person is to be appointed to the key role. Which course best matches IFSCA's registration conditions?

Meridian should ensure the new appointee meets the eligibility and fit and proper standards and keep IFSCA informed as required. Registration conditions apply continuously, so key personnel changes are not purely internal matters and cannot be disclosed only when the regulator asks.

  1. AAppoint anyone and update records at the next annual return
  2. BAppoint the person and inform IFSCA only if asked
  3. CAppoint the person without IFSCA involvement because the role is internal
  4. DEnsure the new appointee satisfies the required eligibility and fit and proper standards and keep IFSCA informed as the regulations requireCorrect

Explanation

A registered intermediary must keep its key personnel eligible and qualified, and changes in them are reportable to IFSCA as the regulations prescribe. Treating the appointment as purely internal or waiting to be asked breaches the continuing conditions of registration.

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