Section 14 in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
14. Procedure and grant of approval to designated depository participant.
(1)After considering an application made under regulation 11, the Board may grant approval to the applicant, if it is satisfied that the applicant is eligible and fulfills the requirements as specified in these regulations including payment of fees as specified in Part B of Second Schedule.(2)The Board shall dispose of the application for grant of approval as soon as possible but not later than one month after receipt of application by the Board or, after the information called for under regulation 13 has been furnished, whichever is later.
