Section 6 in Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018
6. Consideration of application for grant of certificate of registration.
(1)The Board shall not consider an application under regulation 3, unless the applicant belongs to the category of shareholders eligible to hold upto 15% share capital of the depository in terms of sub-regulation (1) and (2) of regulation 21.(2)The Board shall not consider an application under regulation 3, unless the applicant is a fit and proper person as described in sub-regulation 2 of regulation 23.
