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          <h1>Market Participants Must Submit Periodic Returns to SEBI and Depositories as per Regulation 48 of 1996 Regulations.</h1> Every participant in the securities market is required to submit periodic returns to the Securities and Exchange Board of India (SEBI) and to each depository they are associated with. These returns must be in the format specified by SEBI or the bye-laws of the respective depository. This requirement is part of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, specifically outlined in Regulation 48, which governs the rights and obligations of depositories, participants, issuers, and related matters.

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