Securities And Exchange Board Of India - Subsection
Section 11(1) in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
(1)No person shall act as designated depository participant unless it has obtained the approval of the Board:Provided that a custodian of securities which is registered with the Board as on the date of commencement of these regulations, shall be deemed to have been granted approval as designated depository participant subject to the payment of fees as specified in Part B of Second Schedule:Provided further that a qualified depository participant which has been granted approval by the Board prior to the commencement of these regulations, having opened qualified foreign investor account as on date of notification of these regulations, shall be deemed to have been granted approval as designated depository participant subject to the payment of fees as specified in Part B of Second Schedule.
