Chapter VII - RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS, MANNER OF SURRENDER OF CERTIFICATE OF SECURITY AND CREATION OF PLEDGE OR HYPOTHECATION (From Regulation 40 to Regulation 82AA)
Networth maintenance requirement requires annual audited certificate and prompt submission of audited financial statements as mandated. Depositories must maintain specified networth at all times and submit an annual audited networth certificate from the statutory auditor for the preceding financial year by the prescribed annual deadline; 'networth of a depository' means paid-up equity share capital plus free reserves (with specified exclusions) reduced by investments, accumulated losses and deferred or miscellaneous expenditures not written off. Additionally, every depository must furnish to the regulator, within one month of its annual general meeting, its audited balance-sheet and profit and loss account for the preceding financial year.
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Provisions expressly mentioned in the judgment/order text.
Networth maintenance requirement requires annual audited certificate and prompt submission of audited financial statements as mandated.
Depositories must maintain specified networth at all times and submit an annual audited networth certificate from the statutory auditor for the preceding financial year by the prescribed annual deadline; "networth of a depository" means paid-up equity share capital plus free reserves (with specified exclusions) reduced by investments, accumulated losses and deferred or miscellaneous expenditures not written off. Additionally, every depository must furnish to the regulator, within one month of its annual general meeting, its audited balance-sheet and profit and loss account for the preceding financial year.
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