Section 10 in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
10. Application to act as a designated depository participant.
(1)No person shall act as a designated depository participant unless it has obtained the approval of the Board.(2)An application for approval to act as a designated depository participant shall be made to the Board through a depository with which the applicant has an agreement to act as a participant and shall be accompanied by the application fee specified in Part B of the Second Schedule which shall be paid in the manner specified therein.(3)The depository shall forward the application to the Board, as early as possible, but not later than thirty days from the date of its receipt by the depository, along with its recommendations and after certifying that the participant has complied with the eligibility criteria as provided for in these regulations.
