Power to relax compliance: Board may grant conditional relief to depositories for procedural or uncontrollable non compliance.

The Board may relax strict compliance with the Depositories and Participants Regulations suo motu or on application by a depository, for reasons recorded in writing, where non compliance is due to factors beyond the entity's control or is procedural or technical in nature; such relaxation may be subject to conditions in the interests of investors and the securities market, and applicants must pay a prescribed non refundable application fee via prescribed electronic modes.

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