morality, the SEC has the power to refuse registering the persons as directors of the association. When it is apparent that the board of directors, directors or members of the associations undertake any

person with proportion or characteristics as specified by the SEC; (2) have honest executives as apparent from working records, who are capable and have experiences beneficial to business operation; (3

 of inter - dealer brokerage shall- (1) not have shareholder or controlling person with proportion or characteristics as specified by the SEC; (2) have honest executives as apparent from working records

being major shareholder of securities company.   Clause 9  Where it is evident that any securities company has major shareholder not approved either by disqualified characters in accordance with Clause 4