Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2023

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....d of India (Depositories and Participants) Regulations, 2018 namely:- 2. These regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Second Amendment) Regulations, 2023. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018- I. regulation 23 shall be substituted with the following, namely,- "Requirement and criteria of fit and proper 23(1) (a) The 'fit and proper person' criteria shall apply to the applicant, depository, its shareholders, directors and key management personnel at all times. (b) The depository shall ensure....

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.... Order. (vi) the Board has initiated recovery proceedings under the Act or the Securities and Exchange Board of India Act, 1992 (15 of 1992) that are pending; (vii) the person is not financially sound or has been categorized as a willful defaulter; and (viii) any other disqualification as may be specified by the Board from time to time. (3) For the purpose of these regulations, the shareholders, directors or key management personnel of the depository, shall be deemed to be fit and proper if,- (a) they fulfil the criteria specified under sub-regulation (2) of this regulation; and (b) they have not been found to be of unsound mind by a court of competent jurisdiction and have not ....

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....ted with the words "consist of". IV. in regulation 30, in sub-regulations (2) and (3), the words "comprising of" shall be substituted with the words "consisting of". V. in regulation 35, in clause (d), after the words "fit and proper person" and before the word and symbol "; and" the words and symbol "under the Securities and Exchange Board of India (Intermediaries) Regulations, 2008" shall be inserted. BABITHA RAYUDU, Executive Director [ADVT.-III/4/Exty./366/2023-24] Footnote: 1. The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 were published in the Gazette of India on October 3, 2018 vide No. No. SEBI/LAD-NRO/GN/2018/40. 2. The Securities and Exchange Board of I....