- The International Financial Services Centres Authority (Capital Market Intermediaries) Regulations, 2021, specifies the entities, which are eligible to become a DP.
- The intending DP should forward the application in prescribed format duly completed to IIDI. Each page of the application should be stamped and initialled by the signatory, authorised as per the board resolution.
The application should be accompanied along with the following annexures:
- List of directors and last 3 years shareholding pattern of the intending DP.
- Brief profile of the intending DP detailing its history and activities along with detailed biodata of directors.
- List of the entities in which any director or promoter of the intending DP is also a promoter director/partner/proprietor.
- Share holding pattern and list of directors of all group companies / sister concerns / associates / subsidiaries / holding company and entities and the activities carried out by them.
- Duly notarised copy of Memorandum and Articles of Association highlighting the object clause which categorically permits the applicant company to undertake Depository Participant activities.
- A net worth certificate computed as per IIDI prescribed format should be submitted.
- Certified true copies of last 3 years Annual Reports. The last year's balance sheet and P/L statement should be submitted.
- An organisation structure giving details of personnel to be involved in DP related functions.
- Certified true copies of the board resolution for joining IIDI as DP and also containing the list of authorised signatories.
- IIDI will scrutinise the application and will call for further documentation / information, if required. The applicant should furnish the documentation / information to IIDI.
- The applicant should procure the computer hardware as per the configuration specified by IIDI and establish connectivity with IIDI. The hardware should be installed at a secure place in the DP's office.
- The completed application will be forwarded by IIDI to IFSCA for approval.
- The applicant will be advised by IIDI to forward the payment towards IFSCA.
- IFSCA will grant the Certificate of Registration to the intending DP.
- IIDI will then enter into an agreement with the applicant.
- IIDI will generate a unique DP-ID for creating the DP account.
