Change in control and control definitions shape depository governance and sponsor obligations under SEBI regulation.

Regulation 2 sets statutory definitions for depositories and participants, specifying governance and role descriptors (governing board, inspecting officer, key management personnel, public interest director, regulatory department, shareholder director) and linking undefined terms to meanings in the Act and related statutes. It delineates ownership and governance-related concepts by defining change in control (with a controlling interest explanation), cross-referencing an external definition of control, and prescribing the meaning and deeming rule for sponsor.

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