Section 20 in The Securities And Exchange Board Of India (Depositories And Participants) Regulations, 1996
20. Grant of certificate of registration.-
(1)After considering the application under regulation 16, with reference to the matters specified in regulation 19, if the Board is satisfied that the applicant is eligible for grant of certificate of registration, grant a certificate in Form F.(2)The grant of certificate of registration in Form F shall be subject to the following namely:-(a)the participant shall pay the registration fee specified in Part A of the Second Schedule in the manner specified in Part B thereof, within fifteen days of the receipt of intimation from the Board;(b)the participant shall comply with the provisions of the Act, Depositories Ordinance, the bye-laws, agreements and these regulations;(c)the depository through which an application for certificate of registration has been forwarded holds a certificate of commencement of business under regulation 14;(d)if any information previously submitted by the participant to the Board is found to be false or misleading in any material particular, or if there is any change in such information, the participant shall forthwith inform the Board in writing;(e)the participant shall redress the grievances of beneficial owners within thirty days of the date of the receipt of the complaint and keep the depository informed about the number and the nature of redressals; and(f)the participant shall pay annual fees specified in Part A of the Second Schedule in the manner specified in Part B thereof.
