THE GAZETTE OF INDIA
EXTRAORDINARY
PART –III – SECTION 4
PUBLISHED BY AUTHORITY
NEW DELHI, SEPTEMBER 11, 2012
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 11th September, 2012
SECURITIES AND EXCHANGE BOARD OF INDIA
(DEPOSITORIES AND PARTICIPANTS) (AMENDMENT) REGULATIONS, 2012
No. LAD-NRO/GN /2012-13/15/20426 – 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 Board hereby makes the following Regulations to amend the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, namely:-
1. These Regulations may be called the Securities and Exchange Board of India (Depositories and Participants) (Amendment) Regulations, 2012.
2. 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, 1996,-
(i). In regulation 2,-
(a) in sub-regulation (1), for the opening sentence, the following sentence shall be substituted, namely:-
“In these regulations, unless the context otherwise requires, the terms used in these regulations shall bear the meanings assigned to them below, and their cognate expressions shall be construed accordingly,- “
(b) clause “(aa)” shall be renumbered as “(ab)”;
(c) after clause (a), the following clause shall be inserted, namely:-
“(aa) “associate” shall have the same meaning as assigned to it under clause (b) of sub-regulation (1) of regulation 2 of the Securities Contracts (Regulation) (Stock Exchanges and Clearing Corporations) Regulations, 2012 or any modification thereof;”
(d) after renumbered clause “(ab)” the following clause shall be inserted, namely:-
“(ac) “control” shall have the same meaning as assigned to it under clause (e) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 or any modification thereof;”
(e) after clause (d), the following clause shall be inserted, namely:- “(da) “governing board” means the board of directors of a depository;”
(f) after clause (e), the following clauses shall be inserted, namely:-
“(ea) “key management personnel” means a person serving as head of any department or in such senior executive position that stands higher in hierarchy to the head(s) of department(s) in the depository or in any other position as declared so by such depository;
(eb) “persons acting in concert” in the context of acquisition or holding of shares or voting rights or control shall mutatis mutandis have the same meaning as assigned to it in clause (q) of sub-regulation (1) of regulation 2 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 or any modification thereof;
(ec) “public interest director” means an independent director, representing the interests of investors in securities market and who is not having any association, directly or indirectly, which in the opinion of the Board, is in conflict with his role;
(ed) “regulatory department” means a department of a depository which is entrusted with regulatory powers and duties and includes such department as may be specified by the Board;”
(g) after clause (f), the following clause shall be inserted, namely:-
