Capital Market Intermediaries: law, practical example, evidence, risk and Finin2min action workflow.
Each intermediary category has registration, fit-and-proper, capital, conduct and reporting duties.
CMI Regulations, 2025
Read with the current rules, notifications, circulars, portal instructions and binding judgments applicable to the event date.
Fix person, entity, role, activity, period, location, threshold and regulator.
Separate statute, delegated law, regulator guidance, contract and internal policy.
Reconcile documents, systems, filings, accounts and approvals.
Build entity-level control maps.
A group establishes broker-dealer and clearing operations.
Finin2min decision rule: reperform the analysis when a material fact, date, role or legal instrument changes.
Shared staff and systems can blur regulated responsibility.
Common additional failures are stale law, incomplete authority, inconsistent records, undocumented judgment and missing cross-law analysis.
| Stage | Control | Output |
|---|---|---|
| Facts | Freeze parties, dates, amounts and documents | Fact sheet |
| Law | Open current primary sources | Legal map |
| Evidence | Resolve inconsistencies | Evidence index |
| Decision | Approve, remediate, disclose or escalate | Signed note |
Each intermediary category has registration, fit-and-proper, capital, conduct and reporting duties.
CMI Regulations, 2025
licence and activity approvals; constitutional and ownership records; capital and substance evidence; client and product files.
Build entity-level control maps.
India Code
Reviewed 4 July 2026
Source review: 4 July 2026. Verify later amendments and case status before professional reliance.