Single Registration for Depository Participants
Summary
This circular amends the registration framework for Depository Participants by introducing a single registration system valid across all depositories. It eliminates the need for separate initial and permanent registrations with each individual depository, allowing entities to register through any one depository. The document outlines specific eligibility criteria, fee obligations, and reporting requirements for both new applicants and existing participants expanding their operations.
Text
one certificate of initial registration and subsequently permanent registration through any depository shall be required after commencement of the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2014.
the entity shall apply to SEBI for certificate of initial registration through the concerned depository in the manner prescribed in the DP Regulations.
it shall directly apply to the concerned depository for approval in the manner as prescribed in the DP Regulations.
The applicant, its directors, proprietor, partners and associates satisfy the Fit and Proper Criteria as defined in the SEBI (Intermediaries) Regulations, 2008;
The applicant has taken satisfactory corrective steps to rectify the deficiencies or irregularities observed in the past inspections or in case of actions initiated/ taken by SEBI/ depository(s) or other regulators.
Recovery of all pending fees/ dues payable to SEBI and depository;
payment of registration fees as prescribed in the DP Regulations.
The depositories shall report to SEBI about the approval as stated above on a monthly basis.
The participant shall apply to SEBI for permanent registration through any of the depositories in which it is acting as a participant as per the DP Regulations.
The participants shall continue to pay the applicable annual fees and registration fees as specified in Part A of Second Schedule in the manner specified in Part B thereof w.r.t. their respective depository(ies), as the case may be.
The depositories shall coordinate and share information with each other, about their participants.
bring the provisions of this circular to the notice of the depository participants as the case may be, and also disseminate the same on their websites;
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Source: SecMarx — Single Registration for Depository Participants. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.