(1) Subject to the provisions of applicable laws in force, a depository may apply for listing of its securities on a recognised stock exchange if,─
(a) it is compliant with the provisions of these regulations particularly those relating to ownership and governance;
(b) it has completed three years of continuous depository operations immediately preceding the date of application of listing; and
(c) it has obtained approval of the Board.
(2) The Board may specify such conditions as it may deem fit in the interest of the securities market including those in relation to transfer of shares held by any person.
(3) A depository or its associates shall not list its securities on a recognized stock exchange that is an associate of the depository.
CHAPTER IX INSPECTION Board’s right to inspect 32
84. The Board may appoint one or more persons as inspecting officer to undertake inspection of the books of account, records, documents and infrastructure, systems and procedures, or to investigate the affairs of a depository, a participant, a beneficial owner an issuer or its agent for any of the following purposes, namely:—
(a) to ensure that the books of account are being maintained by the depository, participant, issuer or its agent in the manner specified in these regulations;
(b) to look into the complaints received from the depositories, participants, issuers, issuers’ agents, beneficial owners or any other person;
(c) to ascertain whether the provisions of the Act, the Depositories Act, the bye-laws, agreements and these regulations are being complied with by the depository, participant, beneficial owner, issuer or its agent;
(d) to ascertain whether the systems, procedures and safeguards being followed by a depository, participant, beneficial owner, issuer or its agent are adequate;
(e) to suo motu ensure that the affairs of a depository, participant, beneficial owner, issuer or its agent, are being conducted in a manner which are in the interest of the investors or the securities market.
Notice before inspection and investigation.