For more clarity on sanity, I strongly recommend that you read the SEBI regulations on Criteria for a "Fit and Proper Person", 2004. Here's an excerpt from the criteria for determining such a person from the SEBI website:
(1) For the purpose of determining as to whether an applicant or the intermediary seeking registration under any one or more of the relevant regulations is a �fit and proper person�, the Board may take account of any consideration as it deems fit, including but not limited to the following criteria �
(a) financial integrity;
(b) absence of convictions or civil liabilities;
(c) competence;
(d) good reputation and character;
(e) efficiency and honesty; and
(f) absence of any disqualification to act as an intermediary as stipulated in these regulations.
The link contains more details on this subject.
(1) For the purpose of determining as to whether an applicant or the intermediary seeking registration under any one or more of the relevant regulations is a �fit and proper person�, the Board may take account of any consideration as it deems fit, including but not limited to the following criteria �
(a) financial integrity;
(b) absence of convictions or civil liabilities;
(c) competence;
(d) good reputation and character;
(e) efficiency and honesty; and
(f) absence of any disqualification to act as an intermediary as stipulated in these regulations.
The link contains more details on this subject.
I can see that you are trying to bring sanity to the conversation.