In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act,

## Report on the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2021 **1. Executive Summary:** This report analyzes the Securities and Exchange Board of India (SEBI) Depositories and Participants Amendment Regulations, 2021, as published in the Gazette of India on August 13, 2021. This amendment modifies the Securities and Exchange Board of India Depositories and Participants Regulations, 2018. The core purpose of the amendment, based on the provided text, involves the omission of certain subregulations and a word within Regulation 22 of the original 2018 Regulations. Key findings include the removal of the word "listed," the entirety of subregulation 2, and references to subregulation 2 within subregulation 4, as well as the entirety of subregulation 6, implying a potential simplification or streamlining of rules related to depositories and participants. **2. Introduction:** This report aims to provide a comprehensive overview of the Securities and Exchange Board of India (SEBI) Depositories and Participants Amendment Regulations, 2021 (hereinafter referred to as "the Amendment"), based solely on the information contained within the provided policy text. It will analyze the key changes introduced by the Amendment and their likely implications. **3. Policy Overview:** * This document is an *amendment* to the Securities and Exchange Board of India Depositories and Participants Regulations, 2018. * Core Objective(s): While not explicitly stated, the core objective, inferred from the changes, appears to be to streamline and potentially simplify regulations related to depositories and participants by removing specific conditions and requirements. **4. Background and Rationale:** The rationale for this specific amendment is not explicitly stated in the provided text. However, the omission of certain subregulations within Regulation 22 suggests a desire to either remove redundant requirements, address unintended consequences of the original wording, or adapt to evolving market conditions. The removal of the word "listed" might indicate a broadening of the regulation's scope beyond just listed entities, or a correction of language. Further information is needed for complete understanding. **5. Key Provisions / Changes:** This section details the specific changes introduced by the Amendment to the Securities and Exchange Board of India Depositories and Participants Regulations, 2018: * **Regulation 22, subregulation 1, proviso:** The word "listed" is omitted. This likely broadens the scope of this subregulation. * **Regulation 22, subregulation 2:** This entire subregulation is omitted. This represents a complete removal of a specific rule or provision. * **Regulation 22, subregulation 4:** The phrase "subregulation 2 or" is omitted. This removes a reference to the omitted subregulation 2 within the existing subregulation 4. * **Regulation 22, subregulation 6:** This entire subregulation is omitted. This represents a complete removal of a specific rule or provision. The *difference* or *effect* of these changes is to remove restrictions and/or requirements related to the specific content of subregulations 2 and 6. Omitting "listed" broadens the scope of applicability of the provision. Without the original text of the 2018 regulations, and the exact content of the removed subregulations, a full assessment of the impact is not possible. **6. Target Audience and Stakeholders:** Based on the title of the original regulations being amended ("Securities and Exchange Board of India Depositories and Participants Regulations"), the primary target audience and stakeholders are likely: * Depositories * Participants in the depository system (e.g., brokers, banks acting as Depository Participants) * Securities and Exchange Board of India (SEBI) itself, as the regulator **7. Implementation Aspects (Inferred):** * **Responsible Agency:** The Securities and Exchange Board of India (SEBI) is the responsible agency, as indicated by the notification. * **Timelines:** The amendment comes into force on the date of its publication in the Official Gazette (August 13, 2021). * The implementation of these changes requires depositories and participants to adjust their internal procedures and compliance frameworks to reflect the removed rules. **8. Expected Outcomes / Impact of Changes:** The likely intended outcome of these specific changes is to streamline the regulatory framework for depositories and participants. By removing specific subregulations and the word "listed," the amendment potentially reduces the compliance burden on these entities or corrects unintended interpretations of the initial regulation. A thorough understanding of the actual content of the removed subregulations would enable a more detailed assessment of the potential impact. **9. Conclusion:** The Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2021, represents a targeted modification of the 2018 Regulations. The amendment focuses on the removal of specific provisions within Regulation 22. This may reduce the compliance burden or correct unintended application of the existing regulations, but further analysis requires comparing it to the full text of the 2018 regulations. These changes will necessitate adjustments to the operational procedures of depositories and participants in the Indian securities market.

Key Entities Referenced