Segregation of activities: DDPs must maintain separate DDP functions, robust infrastructure and submit detailed periodic compliance reports. The circular requires DDPs under the Foreign Portfolio Investor regime to segregate DDP functions from other businesses, maintain dedicated staff reporting to the chief compliance officer, and provide necessary infrastructure, manuals and monitoring mechanisms. DDPs must submit monthly reports in prescribed detailed formats on applications (fresh registration, continuance, conversion, miscellaneous) and an annual expert audit report on internal controls within three months of the next year, together with quarterly Action Taken Reports addressing audit findings.
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.
Segregation of activities: DDPs must maintain separate DDP functions, robust infrastructure and submit detailed periodic compliance reports.
The circular requires DDPs under the Foreign Portfolio Investor regime to segregate DDP functions from other businesses, maintain dedicated staff reporting to the chief compliance officer, and provide necessary infrastructure, manuals and monitoring mechanisms. DDPs must submit monthly reports in prescribed detailed formats on applications (fresh registration, continuance, conversion, miscellaneous) and an annual expert audit report on internal controls within three months of the next year, together with quarterly Action Taken Reports addressing audit findings.
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