Code of Conduct for Participants requires depository participants to protect investors and comply with operational, disclosure, and governance obligations. Regulation 20A inserts a mandatory Code of Conduct requiring depository participants to protect investors by maintaining integrity, providing prompt and competent services, opening and processing beneficial owner accounts without delay, redressing grievances within one month, giving advance notice of fee increases, preserving client confidentiality, cooperating with the Board, complying with applicable laws and Ombudsman awards, maintaining internal controls, record continuity and backups, empowering compliance officers, and ensuring senior management access to business information and sound corporate governance.