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TMI BlogGrant of certificate of registrationX X X X Extracts X X X X X X X X Extracts X X X X ..... the Board; (b) the depository shall comply with the provisions of the Act, the Depositories 1 [Act], the bye-laws, agreements and these regulations ; (c) the depository shall not carry on any activity other than that of a depository unless the activity is incidental to the activity of the depository: 2 [Provided that a depository may carry out such activity not incidental to its activities as a depository, as may be assigned to the depository by the Central Government or by a regulator in the financial sector, through the establishment of Strategic Business Unit(s) specific to each activity with the prior approval of the Board and subject to such conditions as may be prescribed by the Board, including transfer of such activity to a separate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o person other than a sponsor, whether resident in India or not, shall at any time, either individually or together with persons acting in concert, hold more than five per cent. of the equity share capital in the depository; Explanation: For the purposes of this clause, - (i) the expression person resident in India shall have the meaning assigned to it in clause (v) of section 2 of the Foreign Exchange Management Act, 1999 (42 of 1999); (ii) the expression persons acting in concert shall have the meaning derived from clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997; (eb) 8 [Subject to the limits as otherwise prescribed by the Ce ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions, 1997, w.e.f. 7-2-1997. 2 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2007, w.e.f. 10-10-2007. 3 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2012, w.e.f. 11-9-2012. 4 Substituted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2008, w.e.f. 17-3-2008. Prior to substitution, it read as under: (d) the sponsor shall, at all times, hold at least fifty-one per cent of the equity capital of the depository and the balance of the equity capital of the depository shall be held by its participants; 5 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 2012, w.e.f. 11-9-2012. 6 Omitted, ibid. Prior to omission, the proviso and explan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndment) Regulations, 2008, w.e.f. 17-3-2008, read as under: ― (i) the combined holdings of such persons acquired through the foreign direct investment route is not more than twenty six per cent. of the total equity share capital, at any time; (ii) the combined holdings of foreign institutional investors is not more than twenty three per cent. of the total equity share capital, at any time; (iii) no foreign institutional investor acquires shares of the depository otherwise than through the secondary market; 11 Inserted by the SEBI (Depositories and Participants) (Second Amendment) Regulations, 2016 , w.e.f. 7-3-2016. 12 Substituted for portfolio , ibid. 13 Inserted by the SEBI (Depositories and Participants) (Amendment) Regulations, 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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