Listing eligibility for depositories requires regulatory compliance, board approval and prohibits listing on sponsor exchanges. A depository may apply to list its securities on a recognised stock exchange only if it complies with the Regulations (notably ownership and governance requirements), has completed the required continuous operation period immediately before application, and has obtained Board approval; the Board may impose further market-protective conditions including on share transfers; a depository or its associates are barred from listing on an exchange that is a sponsor or associate of the depository.