99. Grounds for refusal to register or renew registration

the application was not made in accordance with section 98;

the applicant has failed to comply with any requirement of section 98;

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 an undischarged insolvent or an undischarged bankrupt whether within or outside

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

the applicant has –

been convicted, whether within or outside Sri

been subjected to any administrative sanction under this Act;

been convicted or compounded in respect of an offence under this Act or under any laws governing securities outside Sri Lanka; or

contravened any provision made under any written law whether within or outside Sri Lanka appearing to the Commission to be 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;

the Commission is not satisfied as to the educational or other qualification or experience of the applicant having regard to the nature of the duties to be performed for and on behalf of the market intermediary;

the Commission has reason to believe that the applicant may not be able to act in the best interests of the clients of the market intermediary having regard to his reputation, character, financial integrity and reliability;

the Commission is not satisfied as to the record of past performance or expertise of the applicant having regard to the nature of the duties to be performed for and on behalf of the market intermediary;

the Commission has reason to believe that the applicant has not acted honestly or fairly; or

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