SEBI (Depositories and Participants) (Amendment) Regulations, 2019

Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2019

SECURITIES AND EXCHANGE BOARD OF INDIA

NOTIFICATION

Mumbai, the 4th June, 2019

SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) (AMENDMENT) REGULATIONS, 2019

No. SEBI/LAD-NRO/GN/2019/20.—In exercise of the powers conferred by section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992) read with section 25 of the Depositories Act, 1996 (22 of 1996), the Securities and Exchange Board of India hereby makes the following regulations to further amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, namely:—

1. These regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2019.

2. These regulations 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) in regulation 30, in sub-regulation (2),

(a) in clause (a,) the word “selection” shall be omitted;
(b) in clause (b), the word “investor” shall be omitted.

(ii) in SECOND SCHEDULE, in PART C, under the sub-heading “Managing Director/Executive Director:-”, in clause (1), the following words and symbols shall be inserted at the end of the clause, namely,-

“The depository shall forward the new names to the Board before two months from the last working day of the existing Managing Director.”

(iii) in SECOND SCHEDULE, in PART C, —

(a) the symbols “(I)” shall be inserted before the sub-heading “Procedure for Appointment of Directors”;

(b) the symbols “(II)” shall be inserted before the sub-heading “Managing Director / Executive Director:-”;

(c) the symbols “(III)” shall be inserted before the sub-heading “Public Interest Directors:—”;

(d) the symbols “(IV)” shall be inserted before the sub-heading “Share Holder Directors:-”;

(e) the symbols “(V)” shall be inserted before the sub-heading “General conditions on appointment of directors:-”.

AJAY TYAGI, Chairman
[ADVT.—III/4/Exty./74/19]

Footnote:
1. The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 were published in the Gazette of India on 3rd October 2018 vide No. SEBI/LAD-NRO/GN/2018/40.

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