Securities and Exchange Board of India (Depositories and Participants) Regulations 1996

My father is searching for Securities and Exchange Board of India (Depositories and Participants) Regulations 1996 but he didn’t get it anywhere. So someone is here who will provide Securities and Exchange Board of India (Depositories and Participants) Regulations 1996?

[Garima Chauhan]

As you are looking for Securities and Exchange Board of India (Depositories and Participants) Regulations 1996, so here I am providing following Regulations of SEBI:

Securities and Exchange Board of India (Depositories and Participants) Regulations 1996

CHAPTER I
PRELIMINARY
1. Short title and commencement.
2. Definitions.

CHAPTER II
REGISTRATION OF DEPOSITORY
3. Application for grant of certificate of registration.
4. Application to conform to the requirements.
5. Furnishing of information, clarification and personal representation.
6. Consideration of application for grant of certificate of registration.
6A. Criteria for fit and proper person.
7. Grant of certificate of registration.
8. Payment of annual fee.
8A. Payment of annual charge.
9. Procedure where certificate of registration is not granted.

CHAPTER III
CERTIFICATE OF COMMENCEMENT OF BUSINESS
10. Application for grant of certificate of commencement of business.
11. Application to conform to the requirements.
12. Furnishing of information, clarification and personal representation.
13. Consideration of application for grant of certificate of commencement of business.
14. Grant of certificate of commencement of business.
15. Procedure where certificate of commencement of business is not granted.

CHAPTER IV
REGISTRATION OF PARTICIPANT
16. Application for grant of certificate of initial registration.
17. Application to conform to the requirements.
18. Furnishing information, clarification and personal representation.
19. Consideration of application for grant of certificate of initial registration.
20. Grant of certificate of [initial] registration.
20A. Grant of certificate of permanent registration.
20AA. Participants to abide by code of conduct.
20AB. Acting as participant in more than one depository.
21-23-Omittitted.
24. Procedure where certificate of initial or permanent registration is not granted.
25. Effect of refusal to grant certificate of permanent registration.

CHAPTER V
RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS,
MANNER OF SURRENDER OF CERTIFICATE OF SECURITY AND CREATION OF
PLEDGE OR HYPOTHECATION
26. Rights and obligations of depositories, etc.
27. Depository to declare specific securities eligible.
28. Security eligible for dematerialization.
29. Agreement between depository and issuer.
30. Systems and procedures.
31. Connectivity.
32. Mechanism for investor protection.
33. Withdrawal by participant.
34. Internal monitoring, review and evaluation of systems and controls.
35. External monitoring, review and evaluation of systems and controls.
36. Insurance against risks.
37. Manner of keeping records.
38. Records to be maintained.
39. Co-operation with other entities.
40. Prohibition of assignment.
41. Agreement by participant.
42. Separate accounts.
43. Statement of accounts.
44. Transfer or withdrawal by beneficial owner.
45. Connectivity.
46. Monitoring, reviewing and evaluating internal systems and controls.
47. Reconciliation.
48. Returns.
49. Record of services.
50. Manner of keeping records.
51. Records to be maintained depository-wise.
52. Prohibition of assignment.
53. Agreement by issuer.
53A. Manner of handling share registry work.
53B. Redressal of investor grievances.
53C. Investor Protection Fund.
54. Manner of surrender of certificate of security.
55. Reconciliation.


CHAPTER I
PRELIMINARY
Short title and commencement.
1. (1) These regulations may be called the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996.
(2) They shall come into force on the date of their publication in the Official Gazette.

Definitions.
2. (1) [In these regulations, unless the context otherwise requires, the terms used in these regulations shall bear the meanings assigned to them below, and their cognate expressions shall be construed accordingly

(a) “Act” means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
2 [(aa) "associate" shall have the same meaning as assigned to it under clause (b) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 or any modification thereof;]

“change in control” –
(i) in case of a body corporate –
(A) if its shares are listed on any recognised stock exchange, shall be construed with
reference to the definition of control in terms of regulations framed under clause (h) of
sub-section (2) of section 11 of the Act;
(B) in any other case, shall be construed as change in the controlling interest in the body
corporate;
Explanation: For the purpose of para (B) of this sub-clause, the expression “controlling
interest” means an interest, whether direct or indirect, to the extent of at least fifty-one percent of voting rights in the body corporate;

(ii) in a case other than that of a body corporate, shall be construed as any change in its legal
formation or ownership.]

"control" shall have the same meaning as assigned to it under clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 or any modification thereof;]
“Depositories Act” means the Depositories Act, 1996 (22 of 1996);]

(d) “Form” means any of the forms specified in the First Schedule;

"governing board” means the board of directors of a depository;]

(e) “inspecting officer” means any person authorised by the Board under regulation 59;

[(ea) "key management personnel" means a person serving as head of any department or in such senior executive position that stands higher in hierarchy to the head(s) of department(s) in the depository or in any other position as declared so by such depository;

(eb) "persons acting in concert" in the context of acquisition or holding of shares or voting rights or control shall mutatis mutandis have the same meaning as assigned to it in clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 or any modification thereof;

(ec) "public interest director" means an independent director, representing the interests of investors in securities market and who is not having any association, directly or indirectly, which in the opinion of the Board, is in conflict with his role;

(ed) "regulatory department" means a department of a depository which is entrusted with regulatory powers and duties and includes such department as may be specified by the Board;" (f) “Schedule” means any of the Schedules annexed to these regulations;]

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