## Report on the Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2025
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Depositories and Participants Second Amendment Regulations, 2025, published on April 30, 2025. 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, appears to be refining the rules related to the appointment of directors on the governing boards of depositories, including establishing cooling-off periods for certain appointments. Key findings relate to the introduction of a cooling-off period for non-independent directors and public interest directors moving between depositories, recognized stock exchanges, and recognized clearing corporations.
**2. Introduction:**
This report aims to provide a detailed overview of the Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2025, based solely on the information provided in the official gazette notification. The analysis focuses on the changes introduced by the amendment and their potential implications. This report is intended for stakeholders in the securities and exchange industry, particularly depositories and their participants.
**3. Policy Overview:**
* This report concerns an *amendment* to the Securities and Exchange Board of India Depositories and Participants Regulations, 2018.
* The core objective of the amendment, as inferred from the text, is to refine and clarify the appointment process for directors within depositories, recognized stock exchanges, and recognized clearing corporations, with a specific focus on managing potential conflicts of interest and promoting fairness through cooling-off periods.
**4. Background and Rationale:**
This amendment likely seeks to address potential concerns regarding the movement of directors between depositories, recognized stock exchanges, and recognized clearing corporations. The introduction of cooling-off periods suggests a rationale of preventing potential conflicts of interest or misuse of information gained in one organization when moving to a similar or competing entity. The specific focus on non-independent and public interest directors implies a concern for maintaining objectivity and public trust in these roles.
**5. Key Provisions / Changes:**
This section details the key changes introduced by the amendment:
* **Regulation 25 is being amended:** This regulation likely pertains to the appointment and qualifications of directors.
* **Subregulation 1 is being amended:** A colon is replacing a period after the phrase, "prior approval of the Board." This is likely a minor grammatical correction.
* **A new proviso is being inserted after subregulation 1:** This insertion introduces a new rule concerning non-independent directors: "Provided that the nonindependent director on the governing board of the depository may be appointed in a recognized stock exchange or a recognized clearing corporation or another depository with the prior approval of the Board, only after a coolingoff period as may be specified by the governing board of such depository."
* **Effect of this change:** This introduces a requirement for a cooling-off period before a non-independent director can move from a depository to a recognized stock exchange, clearing corporation, or another depository. The specific duration of the cooling-off period is to be determined by the governing board of the depository. This aims to prevent potential conflicts of interest where a director may leverage prior knowledge or influence in a new role.
* **Subregulation 3 is being amended:**
* The *first* proviso is being replaced with *two* provisos. The new provisos establish cooling-off periods for public interest directors. The new first proviso states: "Provided that upon the expiry of the terms at a depository, a public interest director may be appointed with the prior approval of the Board for a further term of three years in another depository or a recognized stock exchange or a recognized clearing corporation, only after a coolingoff period as may be specified by the governing board of such depository:"
* **Effect of this change:** This introduces a cooling-off period before a public interest director can be appointed to another depository, recognized stock exchange, or clearing corporation, *even for a further term*. The length of the cooling-off period is to be determined by the governing board of the depository.
* The new second proviso states: "Provided further that the coolingoff period will be applicable only in case of appointment as a public interest director in a competing depository:"
* **Effect of this change:** This clarifies that the cooling-off period for public interest directors only applies when the new appointment is to a *competing depository*. This suggests a concern about the transfer of confidential information or strategic advantages between competing entities.
* An Explanation is being inserted after the provisos: "Explanation: For the purpose of this subregulation, the expression competing depository shall be applicable in case of appointment of a public interest director from one depository to another depository."
* **Effect of this change:** This explanation clarifies that the term "competing depository" only applies when a public interest director is moving between depositories.
**6. Target Audience and Stakeholders:**
The primary target audience includes:
* Securities and Exchange Board of India (SEBI)
* Depositories
* Participants of Depositories
* Governing boards of depositories
* Recognized stock exchanges
* Recognized clearing corporations
* Non-independent directors
* Public interest directors
**7. Implementation Aspects (Inferred):**
* **Responsible agency:** The Securities and Exchange Board of India (SEBI) is responsible for enforcing and overseeing the implementation of these regulations. The text references "prior approval of the Board."
* **Timelines:** The regulations come into force on the ninetieth day from the date of their publication in the Official Gazette (April 30, 2025).
* **Procedures:** The governing boards of depositories are responsible for specifying the cooling-off periods for non-independent and public interest directors. They must also obtain prior approval from SEBI for appointments covered by the new provisos.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes of these changes are:
* Reduced potential for conflicts of interest arising from the movement of directors between depositories, recognized stock exchanges, and recognized clearing corporations.
* Enhanced objectivity and public trust in the governance of depositories.
* Fairer competition among depositories by preventing the transfer of confidential information or strategic advantages through director appointments.
* More transparent and robust appointment processes for directors in the securities market infrastructure.
**9. Conclusion:**
The Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2025, represent a refinement of the existing regulatory framework governing depositories and their participants. By introducing cooling-off periods for certain director appointments, the amendment seeks to mitigate potential conflicts of interest, enhance governance standards, and promote fair competition within the securities market. The amendment's significance lies in its effort to reinforce the integrity and stability of the depository system, which is critical to the overall functioning of the securities market.
Key Entities Referenced
INDIA: Country name as part of the Gazette of India publication.
NEW DELHI: Location of publication of the gazette.
WEDNESDAY, APRIL 30, 2025: Date of publication of the gazette.
VAISAKHA 10, 1947: Date of publication according to the Vaisakha calendar.
Securities and Exchange Board of India: Regulatory body issuing the notification.
Depositories Act, 1996: Act of Parliament being amended.
Securities and Exchange Board of India Act, 1992: Act of Parliament under which the power is conferred.
Securities and Exchange Board of India Depositories and Participants Regulations, 2018: Regulations being amended.
Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2025: Title of the current amendment regulations.
Official Gazette: The official publication in which the amendment will be published.
Mumbai: City where SEBI is located and from where the notification is issued.
30th April, 2025: Date of the notification.
BABITHA RAYUDU: Executive Director at SEBI
Government of India Press, Ring Road, Mayapuri, New Delhi110064: Location of the printing press.
Controller of Publications, Delhi110054: Publisher of the Gazette of India.
SEBILADNROGN201840: Notification number for the Securities and Exchange Board of India Depositories and Participants Regulations, 2018
SEBILADNROGN201920: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2019
SEBILADNROGN202004: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2020
SEBILADNROGN202010: Notification number for the Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020
SEBILADNROGN202123: Notification number for the Securities and Exchange Board of India Payment of Fees and Mode of Payment Amendment Regulations 2021
SEBILADNROGN202130: Notification number for the Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2021
SEBILADNROGN202143: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2021
SEBILADNROGN202153: Notification number for the Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2021
SEBILADNROGN202274: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2022
SEBILADNROGN2023125: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2023
SEBILADNROGN2023147: Notification number for the Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2023
SEBILADNROGN2024173: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2024
SEBILADNROGN2024200: Notification number for the Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2024
SEBILADNROGN2024212: Notification number for the Securities and Exchange Board of India Attestation of Documents Amendment Regulations, 2024
SEBILADNROGN2024213: Notification number for the Securities and Exchange Board of India Depositories and Participants Third Amendment Regulations, 2024
SEBILADNROGN2025225: Notification number for the Securities and Exchange Board of India Depositories and Participants Amendment Regulations, 2025
SEBILADNROGN2025228: Notification number for the Securities and Exchange Board of India Investor Charter Amendment Regulations, 2025
SEBILADNROGN2025245: Notification number for the current amendment: Securities and Exchange Board of India Depositories and Participants Second Amendment Regulations, 2025
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-एम.एच.-अ.-30042025-262785
xxxGIDHxxx
CG-MH-E-30042025-262785
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असाधारण
EXTRAORDINARY
भाग III—खण्ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 333] िई ददल्ली, बध िार, अप्रलै 30, 2025/ििै ाख 10, 1947
No. 333] NEW DELHI, WEDNESDAY, APRIL 30, 2025/VAISAKHA 10, 1947
भारतीय प्रजतभजू त और जिजिमय बोड ड
अजधसचू िा
म ंबई, 30 अप्रैल, 2025
भारतीय प्रजतभजू त और जिजिमय बोड ड
(जिक्षपे ागार और सहभागी) (दसू रा सिं ोधि) जिजियम, 2025
फा. स.ं सबे ी/एलएडी-एिआरओ/िीएि/2025/245.—बोडड, जिक्षेपागार अजधजियम, 1996 (1996 का 22) की
धारा 25 के साथ पठित भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम, 1992 (1992 का 15) की धारा 30 द्वारा प्रदाि
की गई िजियों का प्रयोग करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षपे ागार और सहभागी) जिजियम,
2018 का और संिोधि करिे के जलए जिम्नजलजखत जिजियम बिाता ह,ै अथाडत,्-
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड(जिक्षेपागार और सहभागी) (दसू रा सिं ोधि) जिजियम, 2025
कहा िा सकेगा ।
2. ये जिजियम रािपत्र म ें इिके प्रकाजित होिे की तारीख स े िब्बेिें ददि लाग ू होंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) जिजियम, 2018 म,ें —
2851 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
I. जिजियम 25 म,ें
i. उप-जिजियम (1) म,ें िब्दों “की िाएगी” के बाद ददए हुए जचह्ि “।” के स्ट्थाि पर जचह्ि “:” आ िाएगा;
ii. उप-जिजियम (1) के बाद, जिम्नजलजखत परंत क िोड़ा िाएगा, अथाडत,्-
“परंत यह दक दकसी जडपॉजिटरी (जिक्षेपागार) के गिर्िगिं बोड ड(िासी मंडल) म ेंिाजमल दकसी जिदेिक (िो
स्ट्ितंत्र जिदेिक ि हो / िो गरै -स्ट्ितंत्र जिदेिक हो) को दकसी मान्यताप्राप्त स्ट्टॉक एक्सचेंि या दकसी
मान्यताप्राप्त क्लीयररंग कारपोरेिि (समािोधि जिगम) या दकसी दसू रे जडपॉजिटरी म ें बोड डस े पहले मंिरू ी
लेकर जिय ि दकया िा सकेगा, और ऐसा केिल ऐसे जडपॉजिटरी के गिर्ििंग बोडड (िासी मंडल) द्वारा तय की
गई जिराम-अिजध (कूललगं -ऑफ पीठरयड) बीति े के बाद ही दकया िा सकेगा ।”
iii. उप-जिजियम (3) म,ें
क. पहले परंत क के स्ट्थाि पर जिम्नजलजखत परंत क आ िाएँग,े अथातड ्,-
“परंत यह दक दकसी जडपॉजिटरी म ें कायडकाल समाप्त हो िािे के बाद, एक लोक जहत जिदिे क
(पजब्लक इंटरेस्ट्ट डाइरेक्टर) को बोड ड स े पहल े मंिूरी लेकर, दकसी दसू रे जडपॉजिटरी या दकसी
मान्यताप्राप्त स्ट्टॉक एक्सचेंि या दकसी मान्यताप्राप्त क्लीयररंग कारपोरेिि म ेंतीि िर्षों के एक और
कायडकाल के जलए, जिय ि दकया िा सकेगा, और ऐसा केिल ऐसे जडपॉजिटरी के गिर्िगिं बोड ड
(िासी मंडल) द्वारा तय की गई जिराम-अिजध (कूललंग-ऑफ पीठरयड) बीति े के बाद ही दकया िा
सकेगा:
परंत यह और दक जिराम-अिजध (कूललंग-ऑफ पीठरयड) केिल उसी मामले म ें लागू होगी, िहाँ
लोक जहत जिदिे क की जिय जि िैसा ही कारोबार करि े िाले दकसी दसू रे जडपॉजिटरी म ें की िा
रही हो ।”
ख. परंत कों के बाद, जिम्नजलजखत स्ट्पष्टीकरण िोड़ा िाएगा, अथातड ,् -
“स्ट्पष्टीकरण: इस उप-जिजियम के प्रयोििाथ,ड िब्दों “िैसा ही कारोबार करि े िाल े दकसी दसू रे
जडपॉजिटरी” स ेसंबंजधत प्रािधाि तब लागू होगा, िब दकसी लोक जहत जिदेिक की जिय जि दकसी
एक जडपॉजिटरी स े दकसी दसू रे जडपॉजिटरी म ें की िाए ।”
बबीता राय डू, कायडपालक जिदेिक
[जिज्ञापि-III/4/असा./66/2025-26]
पाद ठटप्पण :
1. भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षपे ागार और सहभागी) जिजियम, 2018, स.ं सेबी/एल.ए.डी.-
एि.आर.ओ./िी.एि./2018/40, द्वारा 3 अिूबर, 2018 को भारत के रािपत्र म ेंप्रकाजित हुए थ े।
2. भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) जिजियम, 2018 तत्पश्चात,्–
क. 4 िूि 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (संिोधि) जिजियम,
2019, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/20, द्वारा[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
ख. 21 फरिरी, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (संिोधि)
जिजियम, 2020, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2020/04, द्वारा
ग. 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी सडैं बॉक्स) (संिोधि) जिजियम,
2020, स.ं सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
घ. 5 मई, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (फीस का भ गताि और भग ताि का माध्यम)
(संिोधि) जिजियम, 2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/23, द्वारा
ङ. 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (रेग्यलू ेटरी सडैं बॉक्स) (संिोधि) जिजियम,
2021, स.ं सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा
च. 13 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (संिोधि) जिजियम,
2021, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/43, द्वारा
छ. 26 अिूबर, 2021 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जिक्षेपागार और सहभागी) (दसू रा संिोधि)
जिजियम, 2021, स.ं सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2021/53, द्वारा
ि. 23 फरिरी, 2022 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (संिोधि)
जिजियम, 2022, स.ं सेबी/एलएडी-एिआरओ/िीएि/2022/74, द्वारा
झ. 2 माच,ड 2023 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जिक्षेपागार और सहभागी) (संिोधि) जिजियम,
2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/125, द्वारा
ञ. 22 अगस्ट्त, 2023 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जिक्षेपागार और सहभागी) (दसू रा संिोधि)
जिजियम, 2023, स.ं सेबी/एलएडी-एिआरओ/िीएि/2023/147, द्वारा
ट. 10 मई, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (संिोधि) जिजियम,
2024, स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/173, द्वारा
ि. 26 अगस्ट्त, 2024 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जिक्षेपागार और सहभागी) (दसू रा संिोधि)
जिजियम, 2024, स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/200, द्वारा
ड. 28 ििम्बर, 2024 को भारतीय प्रजतभूजत और जिजिमय बोड ड (दस्ट्तािेिों को प्रमाजणत करिा) (संिोधि)
जिजियम, 2024, स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/212, द्वारा
ढ. 2 ददसम्बर, 2024 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (तीसरा संिोधि)
जिजियम, 2024, स.ं सेबी/एलएडी-एिआरओ/िीएि/2024/213, द्वारा
ण. 10 फरिरी, 2025 को भारतीय प्रजतभूजत और जिजिमय बोडड (जिक्षेपागार और सहभागी) (संिोधि)
जिजियम, 2025, फा. स.ं सेबी/एलएडी-एिआरओ/िीएि/2025/225, द्वारा
त. 10 फरिरी, 2025 को भारतीय प्रजतभूजत और जिजिमय बोड ड (जििेिक चाटडर) (संिोधि) जिजियम, 2025,
फा. स.ं सेबी/एलएडी-एिआरओ/िीएि/2025/228, द्वारा
संिोजधत हुए थ े ।4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 30th April, 2025
SECURITIES AND EXCHANGE BOARD OF INDIA (DEPOSITORIES AND PARTICIPANTS) (SECOND
AMENDMENT) REGULATIONS, 2025
F. No. SEBI/LAD-NRO/GN/2025/245 — 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 further amend the Securities and Exchange Board of
India (Depositories and Participants) Regulations, 2018 namely, —
1. These regulations may be called the Securities and Exchange Board of India (Depositories and Participants)
(Second Amendment) Regulations, 2025.
2. They shall come into force on the ninetieth day from the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018, —
I. in regulation 25,
i. in sub-regulation (1), after the words “prior approval of the Board”, the symbol “.” shall be
substituted with the symbol “:”;
ii. after sub-regulation (1), the following proviso shall be inserted, namely, -
“Provided that the non-independent director on the governing board of the depository may be
appointed in a recognized stock exchange or a recognized clearing corporation or another depository
with the prior approval of the Board, only after a cooling-off period as may be specified by the
governing board of such depository.”
iii. in sub-regulation (3),
a. the first proviso shall be substituted with the following provisos, namely, -
“Provided that upon the expiry of the term(s) at a depository, a public interest director may be
appointed with the prior approval of the Board for a further term of three years in another
depository or a recognized stock exchange or a recognized clearing corporation, only after a
cooling-off period as may be specified by the governing board of such depository:
Provided further that the cooling-off period will be applicable only in case of appointment as a
public interest director in a competing depository:”
b. after the provisos, the following explanation shall be inserted, namely, -
“Explanation: For the purpose of this sub-regulation, the expression “competing depository”
shall be applicable in case of appointment of a public interest director from one depository to
another depository.”
BABITHA RAYUDU, Executive Director
[ADVT.-III/4/Exty./66/2025-26]
Footnote:
1. The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 were
published in the Gazette of India on October 3, 2018 vide No. SEBI/LAD-NRO/GN/2018/402.
2. The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018 were
subsequently amended on, –
a. 4th June, 2019 by the Securities and Exchange Board of India (Depositories and Participants)
(Amendment) Regulations, 2019 vide No. SEBI/LAD-NRO/GN/2019/20.
b. 21st February, 2020 by the Securities and Exchange Board of India (Depositories and
Participants) (Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/04.[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
c. 17th April, 2020, by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2020, vide No. SEBI/LAD-NRO/GN/2020/10.
d. 5th May, 2021, by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations 2021, vide No. SEBI/LAD-NRO/GN/2021/23.
e. 3rd August, 2021, by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2021, vide No. SEBI/LAD-NRO/GN/2021/30.
f. 13th August, 2021 by the Securities and Exchange Board of India (Depositories and Participants)
(Amendment) Regulations, 2021vide No. SEBI/LAD-NRO/GN/2021/43.
g. 26th October 2021 by the Securities and Exchange Board of India (Depositories and Participants)
(Second Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/53.
h. 23rd February 2022 by the Securities and Exchange Board of India (Depositories and Participants)
(Amendment) Regulations, 2022 vide No. SEBI/LAD-NRO/GN/2022/74.
i. 2nd March 2023 by the Securities and Exchange Board of India (Depositories and Participants)
(Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/125.
j. 22nd August, 2023 by the Securities and Exchange Board of India (Depositories and Participants)
(Second Amendment) Regulations, 2023 vide No. SEBI/LAD-NRO/GN/2023/147.
k. 10th May, 2024 by the Securities and Exchange Board of India (Depositories and Participants)
(Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/173.
l. 26th August, 2024 by the Securities and Exchange Board of India (Depositories and Participants)
(Second Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/200.
m. 28th November, 2024 by the Securities and Exchange Board of India (Attestation of Documents)
(Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/212.
n. 2nd December, 2024 by the Securities and Exchange Board of India (Depositories and Participants)
(Third Amendment) Regulations, 2024 vide No. SEBI/LAD-NRO/GN/2024/213.
o. 10th February, 2025 by the Securities and Exchange Board of India (Depositories and Participants)
(Amendment) Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/225.
p. 10th February, 2025 by the Securities and Exchange Board of India (Investor Charter) (Amendment)
Regulations, 2025 vide No. SEBI/LAD-NRO/GN/2025/228.
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