APPLICATION FOR APPROVAL TO ACT AS DESIGNATED DEPOSITORY PARTICIPANT :

Any person shall not act as designated depository participant unless it has obtained the approval of SEBI. However, a custodian of securities which is registered with SEBI 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 prescribed in regulations.

Further, A qualified depository participant which has been granted approval by SEBI 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 prescribed in this regulations.

An application for approval to act as designated depository participant shall be made to SEBI through the depository in which the applicant is a participant and shall be accompanied by the application fee specified and shall be paid in the manner specified in the regulations.

The depository shall forward to SEBI the application, as early as possible, but not later than 30 days from the date of receipt by the depository, along with its recommendations and certifying that the participant complies with the eligibility criteria as provided in these regulations.