Approval of designated depository participant requires eligibility checks and fee payment, with a statutory disposal timeline. The Board may grant approval to a designated depository participant after considering the application under regulation 10 if the applicant is eligible and fulfils regulatory requirements, including payment of fees specified in Part B of the Second Schedule. The Board must dispose of the application as soon as possible but not later than thirty days after receipt or after all information called for under regulation 12 has been furnished, whichever is later.