Circular MRD/CIR/2012/1753 of the Securities and Exchange Board of India dated 25th May, 2012 on the business of a depository participant [C1C-NSF]

MRD/CIR/2012/1753

Securities and Exchange Board of India

Mumbai, dated the 25th May, 2012

CIRCULAR

To

All adjudicating officers,

Subject: The business of a depository participant by depository participants under the Securities and Exchange Board of India Act, 1992, regarding.

In exercise of the powers conferred by section 9 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby issues the following

1. References have been received seeking clarification on the manner in which section 9 applies to the business of a depository participant by depository participants.

2. The matter has been examined. Every depository participant carrying on the business of a depository participant shall make an application in Form E to the Board within thirty days, accompanied by a fee of fifty thousand rupees.

3. It is, accordingly, clarified that a separate application shall be made in respect of each place at which the business of a depository participant is undertaken, and the Board shall dispose of it within thirty days of its receipt.

4. Difficulties, if any, in the implementation of this circular may be brought to the notice of the Securities and Exchange Board of India.

(Chief General Manager)