Chapter V - RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS, MANNER OF SURRENDER OF CERTIFICATE OF SECURITY AND CREATION OF PLEDGE OR HYPOTHECATION (From Regulation 26 to Regulation 58C)
Certificate of commencement of business: Board must verify security, infrastructure, procedures and indemnity before grant. Regulation 13 requires the Board to consider specified criteria before granting a certificate of commencement of business, including prescribed net worth, Board-approved bye-laws, protection of automatic data processing systems, secure communications networks, transmission and encryption standards, controlled and monitored access to premises and systems, detailed operations manuals, off-site back-up arrangements, indemnity and insurance for beneficial owners, and that the grant serves investor interest; the Board must physically verify the depository's infrastructure and systems before grant.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Certificate of commencement of business: Board must verify security, infrastructure, procedures and indemnity before grant.
Regulation 13 requires the Board to consider specified criteria before granting a certificate of commencement of business, including prescribed net worth, Board-approved bye-laws, protection of automatic data processing systems, secure communications networks, transmission and encryption standards, controlled and monitored access to premises and systems, detailed operations manuals, off-site back-up arrangements, indemnity and insurance for beneficial owners, and that the grant serves investor interest; the Board must physically verify the depository's infrastructure and systems before grant.
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