Records to be maintained by Depository - for a period of last 5 years as per PMLA, 2002 and for 8 years as required by SEBI regulations.
A Depository Participant is an agent of the Depository. They are the intermediaries between the depository and the investors. A DP is registered with SEBI under the provisions of the SEBI (Depositories and Participants) Regulations, 2018 Act.
The terms between a DP and its depository are governed by an agreement under the Depositories Act, 1996. A DP can start its operations only after getting a certificate of registration from the SEBI.
Net worth Criteria for becoming DP - Rs 50 Lakhs for NBFC and Stock Brokers as Per SEBI DP Regulations, Rs 3 Crore for NSDL, Rs 2 Crore for CDSL, Rs 10 Crore for R&T Agents, Rs 50 Crore for NBFC to act as DP on behalf of others.
If a stockbroker seeks to act as a DP in more than one depository, he should comply with the specified net worth criterion separately for each such depository.
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