Section 13 in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019
13. Procedure for granting of approval to designated depository participant.
(1)After considering the application made under regulation 10 of these regulations, the Board may grant approval to the applicant, upon being satisfied that the applicant is eligible and fulfils the requirements as specified in these regulations including payment of fees as specified in Part B of Second Schedule.(2)The Board shall dispose of the application for grant of approval as soon as possible but not later than thirty days after receipt of application by the Board or, after all the information called for under regulation 12 has been furnished, whichever is later.
