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Grant of certificate of registration

lication under regulation 3, with reference to the qualifications specified in regulation 6, if the Board is satisfied that the company established by the sponsor is eligible to act as depository, it may grant a certificate of registration in Form B to the depository subject to the following, namely :- (a) the depository 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 receipt of intimation from the Board; (b) the depository shall comply with the provisions of the Act, the Depositories 1[Act], the bye-laws, agreements and these regulations ; (c) the depository shall not carry on any activity other than that of a depository unless the activity is incid .....

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more than twenty four per cent. of the paid up equity share capital in a depository as on the date of commencement of the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2012, shall reduce its holding in the depository to twenty four per cent. within a period of three years from the date of such commencement;] (e) no participant shall at any time, hold more than five per cent of the equity capital of the depository; 6[***] 7[(ea) no person other than a sponsor, whether resident in India or not, shall at any time, either individually or together with persons acting in concert, hold more than five per cent. of the equity share capital in the depository; Explanation: For the purposes of this clau .....

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epository shall make an application for commencement of business under regulation 14 within one year from the date of under this regulation; and (i) the depository shall amend its bye-laws from time to time as may be directed by the Board; 12[(j) any other condition as the Board may deem fit in the interest of securities market.] ************ 1 Substituted for Ordinance by the SEBI (Depositories and Participants) (Amendment) Regulations, 1997, w.e.f. 7-2-1997. 2 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2007, w.e.f. 10-10-2007. 3 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2012, w.e.f. 11-9-2012. 4 Substituted by the SEBI (Depositories and Participants) (Amendment) Regula .....

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ident outside India in the equity share capital of the depository shall not exceed, at any time, forty-nine per cent. of its total equity share capital, subject further to the following:- 10 Omitted, ibid. Prior to omission, sub-sub-regulations (i) to (iii) of sub-regulation (eb) as inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2008, w.e.f. 17-3-2008, read as under: ― (i) the combined holdings of such persons acquired through the foreign direct investment route is not more than twenty six per cent. of the total equity share capital, at any time; (ii) the combined holdings of foreign institutional investors is not more than twenty three per cent. of the total equity share capital, at any time; (iii) no f .....

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