Securities And Exchange Board Of India - Subsection
Section 21(2) in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
(2)No person resident outside India, directly or indirectly, either individually or together with persons acting in concert, shall acquire or hold more than five percent of the paid up equity share capital in a Depository:Provided further that,-(i)a foreign stock exchange;(ii)a foreign depository;(iii)a foreign banking company;(iv)a foreign insurance company;(v)a foreign commodity derivatives exchange; and(vi)a bilateral or multilateral financial institution approved by the Central Government, may acquire or hold, either directly or indirectly, either individually or together with persons acting in concert, upto fifteen percent of the paid up equity share capital of a Depository.Explanation. - For the purposes of proviso to sub-regulation (2), the persons referred to in clauses (i) to (vi) shall mean persons recognised/ incorporated outside India.
