(1) After considering the application under regulation 32, with reference to the matters specified in regulation 35, if the Board is satisfied that the applicant is eligible for grant of certificate of registration, grant a certificate in Form G of the First Schedule.
(2) The grant of certificate of registration in Form G of the First Schedule shall be subject to the following, namely:—
(a) the participant shall pay the registration fee specified in Part A of the Second Schedule in the manner specified in Part B thereof, within fifteen days of the receipt of intimation from the Board;
(b) the participant shall comply with the provisions of the Act, Depositories Act, the byelaws, agreements and these regulations;
(c) the depository through which an application for certificate of registration has been forwarded holds a certificate of commencement of business under regulation 16;
(d) where the participant proposes change in control, it shall obtain prior approval of the Board for continuing to act as such after the change;
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(e) if any information previously submitted by the participant to the Board is found to be false or misleading in any material particular, or if there is any change in such information, the participant shall forthwith inform the Board in writing ;
(f) the participant shall redress the grievances of beneficial owners within thirty days of the date of the receipt of the complaint and keep the depository informed about the number and the nature of redressals; and
(g) the participant shall pay annual fees specified in Part A of the Second Schedule in the manner specified in Part B thereof.
(3) The certificate of registration granted under sub-regulation (1) shall be valid unless it is suspended or cancelled by the Board.
(4) The participant who has already been granted certificate of registration by the Board, prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016 shall be deemed to have been granted a certificate of registration, in terms of sub-regulation (1).
(5) The participant, to keep the registration in force, shall pay registration fee as specified in Part A of the Second Schedule for every five years from the sixth year of the date of grant of certificate of registration or of the date of grant of certificate of initial registration granted prior to the commencement of the Securities and Exchange Board of India (Change in Conditions of Registration of Certain Intermediaries) (Amendment) Regulations, 2016, as the case may be.
(6) The fee specified in sub-regulation (5) shall be paid three months prior to the expiry of the block for which the fee has been paid.
(7) The participant shall immediately intimate the Board, details of changes that have taken place in the information that was submitted, while seeking registration.
Participants to abide by code of conduct
37. The participant holding a certificate of registration shall, at all times, abide by the Code of Conduct as specified in Part A of Third Schedule.
Acting as participant in more than one depository