Securities And Exchange Board Of India - Subsection
Section 11(1) in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
(1)The Board shall not consider an application for the grant of approval as designated depository participant unless the applicant satisfies the following conditions,(a)the applicant is a registered depository participant under the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996;(b)the applicant is a registered Custodian under the Securities and Exchange Board of India (Custodian) Regulations, 1996;(c)the applicant is an Authorised Dealer Category-1 bank authorised by the Reserve Bank of India under the Foreign Exchange Management Act, 1999;(d)the applicant has a multinational presence, either through its branches or through agency relationships with overseas intermediaries regulated in their respective home jurisdictions;(e)the applicant has systems and procedures to comply with the requirements of the 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 as may be specified by the Board from time to time.
