The Securities and Exchange Board of India issued notification
no. SEBI/ LAD-NRO/GN/2016-17/007, dated 27th May, 2016 to notify
the Securities and Exchange Board of India (Depositories and
Participants) (Third Amendment) Regulations, 2016. The said
amendment inserts a new regulation 35B after regulation 35A of the
Securities and Exchange Board of India (Depositories and
Participants) Regulations, 1996. The new regulation lays down that
every depository shall devise and maintain a wind-down plan in
accordance with guidelines specified by the Board. The regulation
further states the meaning of winddown plan as a process or plan of
action employed, for transfer of the beneficial owner accounts and
other operational powers of the depository to an alternative
institution that would take over the operations of the depository
in scenarios such as erosion of networth of the depository or its
insolvency or its inability to provide critical depository
operations or services. Thus, a new framework has been put in place
by SEBI for orderly winding down of depositories in the events like
depository's voluntary closure of business.
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