Regulation 20 - Grant of certificate of initial registration. - SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) REGULATIONS, 1996

Grant of certificate of 1 [initial] registration. 20. (1) After considering the application under regulation 16, with reference to the matters specified in regulation 19, if the Board is satisfied that the applicant is eligible for grant of certificate of 2 [initial] registration, grant a certificate in Form F. (2) The grant of certificate of 3 [initial] registration in Form F shall be subject to the following, namely:- (a) the participant shall pay the registration fee specified in Part A of the Second Schedule in the manner specified in Part B thereof, within fifteen days of the receipt of intimation from the Board; (b) the participant shall comply with the provisions of the Act, Depositories 4 [Act], the bye-laws, agreements and these regulations; (c) the depository through which an application for certificate of registration has been forwarded holds a certificate of commencement of business under regulation 14; 5 [(ca) where the participant proposes change in control, it shall obtain prior approval of the Board for continuing to act as such after the change;] (d) if any information previously submitted by the participant to the Board is found to be false or misleading in any material particular, or if there is any change in such information, the participant shall forthwith inform the Board in writing ; (e) the participant shall redress the grievances of beneficial owners within thirty days of the date of the receipt of the complaint and keep the depository informed about the number and the nature of redressals; and (f) the participant shall pay annual fees specified in Part A of the Second Schedule in the manner specified in Part B thereof. 6 [(3) The certificate of initial registration granted under sub-regulation (1) shall be valid for a period of five years from the date of its issue to the applicant.] ******** 1 ibid. 2 ibid. 3 ibid. 4 Substituted for Ordinance by the SEBI (Depositories and Participants) (Amendment) Regulations, 1997, w.e.f. 7-2-1997. 5 Inserted by the SEBI (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2011, w.e.f. 19-4-2011. 6 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2011, w.e.f. 5-7-2011.