Approval sequencing for limited purpose clearing corporations is mandated: obtain Board prior approval before seeking Reserve Bank approval. A limited purpose clearing corporation required to obtain prior approval from both the Board and the Reserve Bank of India must obtain the prior approval of the Board before seeking approval from the Reserve Bank, establishing a mandatory approval sequencing and procedural precondition for regulatory clearances.
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.
Approval sequencing for limited purpose clearing corporations is mandated: obtain Board prior approval before seeking Reserve Bank approval.
A limited purpose clearing corporation required to obtain prior approval from both the Board and the Reserve Bank of India must obtain the prior approval of the Board before seeking approval from the Reserve Bank, establishing a mandatory approval sequencing and procedural precondition for regulatory clearances.
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