95. Refusal to grant or renew a licence

the application was not made in accordance with this Chapter;

the applicant has failed to comply with any requirement of this Act, regulations and the rules made thereunder;

any information or document that is furnished by the applicant to the Commission is false or misleading or from which there is a material omission;

the applicant is in the course of being wound up or otherwise dissolved or is an undischarged bankrupt;

execution against the applicant in respect of a judgment debt has been returned unsatisfied in whole or in part;

a liquidator or receiver or manager or an equivalent person has been appointed within or outside Sri

the applicant has, whether within or outside Sri

the applicant or any of its directors, chief executive officer, managers or controller–

has been convicted, whether within or outside

has been subjected to any administrative sanction under this Act;

has been convicted or has been compounded of an offence for which he has been charged under this Act or under the laws governing securities outside Sri Lanka;

has contravened any provision made under any law whether within or outside Sri Lanka enacted for protecting members of the public against financial loss, due to dishonesty, incompetence or malpractice by persons, concerned in the provision of financial services or the management of companies or against financial loss due to the conduct of discharged or undischarged bankrupts; or

is an undischarged bankrupt whether within or outside Sri Lanka;

the Commission has reason to believe that the applicant or any of its directors, chief executive officer or controller may not be able to act in the best interest of its clients having regard to their reputation, character, financial integrity and reliability;

the Commission is not satisfied as to the financial standing of the applicant or the manner in which the applicant’s business is to be conducted;

the Commission is not satisfied as to the record of past performance or expertise of the applicant, having regard to the nature of the business which the applicant may carry on in connection with the holding of the licence and there exists circumstances which are likely to -

lead to the improper conduct of business by the applicant or by any of its directors, chief executive officer or controller; or

reflect discredit on the manner of conducting the business of the applicant; or

the Commission is of the opinion that it would be contrary to the interests of the investors to grant or renew the licence.