Regulatory department segregation: Chinese Wall and functional separation to protect depository oversight and investor safeguards.

Core functions for depositories are grouped into Critical Operations (dematerialisation, holding and transfer of securities, record keeping, IT infrastructure, business continuity and cyber security), Regulatory/Compliance/Risk Management and Investor Grievances (risk management, surveillance, participant registration, issuer admission, compliance, inspection, enforcement, arbitration and investor protection), and Other Functions (sales, marketing, product development, finance). Regulatory autonomy is secured by a "Chinese Wall" policy separating regulatory departments from other departments, with limited "need to know" disclosures under intimation to the Compliance Officer.

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