Securities And Exchange Board Of India - Subsection
Section 12(2) in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
(2)Notwithstanding anything contained in sub-regulation (1) of this regulation, the Board may consider an application from a global bank, regulated in its home jurisdiction, for grant of approval to act as designated depository participant, if it is satisfied that it has sufficient experience in providing custodial services and the grant of such approval is in the interest of the development of the securities market:Provided that such global bank shall be registered with the Board as a participant, custodian of securities, and shall have tie up with Authorized Dealer Category-1 bank.
