The paper proposes removing rule-based disqualifications triggered merely by the pendency of criminal complaints or charge sheets, relying instead on principle-based assessment, while expanding disqualification to include convictions for economic offences and securities law violations. Other proposals include aligning winding-up disqualification only to cases where winding-up orders are passed, introducing explicit provisions for disclosure and opportunity of hearing, removing the default five-year prohibition where no period is specified, reducing the non-consideration period for registration applications after a show cause notice from one year to six months, and replacing mandatory divestment of holdings with restriction of voting rights. The comments/ feedback from stakeholders is invited.