In exercise of the powers conferred by Section 11 (1) of the Securities and Exchange Board of India Act, 1992, read with Regulation 72 and 73 of Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, for the purpose of protecting the interest of investors in securities and to promote the development and regulation of securities market, the Securities and Exchange Board of India (hereinafter referred to as the ‘SEBI’) vide Circular No. SEBI/HO/MRD/DSA/CIR/P/2018/13 dated January 29, 2018, had issued a circular with regards to the online registration mechanism and filing system for depositories.

The circular was issued so as to ease the process of application for recognition/renewal, reporting and other filings in terms of Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 (Regulation), and other circulars which are issued from time to time. To this effect, SEBI has introduced a digital platform for online filings related to depositories.

As per the circular issued, all applicants desirous of seeking registration as a depository in terms of Regulation 3 of the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996, shall henceforth submit applications online, through the SEBI intermediary portal, viz., https://siportal.sebi.gov.in.

Along with the application, the applicants would be required to upload scanned copy of relevant documents such as any declaration or undertaking or notarized copy of documents as may be prescribed in the above Regulation and keep a hard copy of the same to be furnished to SEBI whenever required. Further, all other filings such as annual financial statements and returns, monthly development report, rules, bye-laws, etc., shall also be submitted online.

In light of the above, SEBI made it clear in the circular that the aforesaid online registration and filing system for depositories is operational and advised recognized depositories to take note of the same for immediate compliance.