Section 15 in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
15. Application to conform to the requirements.
- An application for grant of approval to act as designated depository participant which is not complete in all respects or is false or misleading in any material particular, shall be deemed to be deficient and shall be liable to be rejected by the Board:Provided that, before rejecting any such application, the applicant shall be given a reasonable opportunity to remove the deficiency, within the time as specified by the Board.
