Securities And Exchange Board Of India - Subsection
Section 12(1) in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
(1)The Board shall not consider an application for the grant of approval as designated depository participant unless the applicant satisfies the following conditions, namely:(a)the applicant is a participant registered with the Board;(b)the applicant is a custodian of securities registered with the Board;(c)the applicant is an Authorized Dealer Category-1 bank authorized by Reserve Bank of India;(d)the applicant has multinational presence either through its branches or through agency relationships with intermediaries regulated in their respective home jurisdictions;(e)the applicant has systems and procedures to comply with the requirements of Financial Action Task Force Standards, Prevention of Money Laundering Act, 2002, Rules prescribed thereunder and the circulars issued from time to time by the Board;(f)the applicant is a fit and proper person based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; and(g)any other criteria specified by the Board from time to time.
