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of <h1>SEBI Updates 1996 Notification: New Requirements for Depository Participants Include Net Worth, Risk Control, and Insurance Details.</h1> A corrigendum to the Securities and Exchange Board of India's notification dated 16th May 1996, outlines additional requirements for applicants intending to act as participants in a depository. These include providing net worth and paid-up capital details, services offered to beneficial owners, organizational structure, and key personnel experience. Applicants must also detail safekeeping procedures, risk control, internal control mechanisms, and data processing systems. Information on insurance coverage, shareholding in depositories, and an undertaking confirming eligibility to act as a participant is required. The notification is issued by the SEBI Chairman.
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