Securities And Exchange Board Of India - Subsection
Section 7(e) in The Securities And Exchange Board Of India (Depositories And Participants) Regulations, 1996
(e)no participant shall at any time, hold more than five per cent of the equity capital of the depository;(ea)[ no person other than a sponsor, whether resident in India or not, shall at any time, either individually or together with persons acting in concert, hold more than five per cent. of the equity share capital in the depository. [Substituted by Notification No. 11/LAD/GN/2008/20494, dated 17.3.2008]
