Section 65 in The Securities And Exchange Board Of India (Depositories And Participants) Regulations, 1996
65. Cancellation of certificate.-
The Board may cancel the certificate of registration granted to a depository or participant if such depository or participant(a)is guilty of fraud, or has been convicted of an offence involving moral turpitude; or(b)has been guilty of repeated defaults of the nature specified in regulation 64.Explanation.- In this regulation, "fraud" has the same meaning as is assigned to it in section 17 of the Indian Contract Act, 1872 (9 of 1872).
