Regulation 6 - Consideration of application for grant of certificate of registration - Securities And Exchange Board of India (Depositories And Participants) Regulations, 1996

Consideration of application for grant of certificate of registration. 6. 1 (1) The Board shall not consider an application under regulation 3, unless the sponsor belongs to one of the following categories, namely :- (i) a public financial institution as defined in section 4A of the Companies Act, 1956 (1 of 1956); (ii) a bank included for the time being in the Second Schedule to the Reserve Bank of India Act, 1934 (2 of 1934); (iii) a foreign bank operating in India with the approval of the Reserve Bank of India; (iv) a recognised stock exchange within the meaning of clause (j) of section 2 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (v) a body corporate engaged in providing financial services where not less than seventy-five per cent of the equity capital is held by any of the institutions mentioned in sub-clause (i), (ii), (iii) or (iv) jointly or severally; (vi) a body corporate constituted or recognised under any law for the time being in force in a foreign country for providing custodial, clearing or settlement services in the securities market and approved by the Central Government; (vii) an institution engaged in providing financial services established outside India and approved by the Central Government; or (viii) 2 [.] 3 [(2) The Board shall not consider an application under regulation 3, unless the applicant/sponsor is a fit and proper person.] ********* 1 Renumbered by the SEBI (Depositories and Participants) (Amendment) Regulations, 2012, w.e.f. 11-9-2012 2 Omitted, ibid. Prior to omission, clause as Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 1998, w.e.f. 5-1-1998,. read as under: ― (viii) the applicant is a fit and proper person. 3 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2012, w.e.f. 11-9-2012.