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Markets regulator Sebi today said it has introduced an online registration mechanism for custodians of securities to make it convenient for them to do business.
The new system would help custodian of securities to complete registration and other regulatory filings with Sebi much faster and in a cost-effective manner.
"All applicants desirous of seeking registration as a custodian of securities are now required to submit their applications online only, through Sebi intermediary portal," the regulator said in a circular.
"The custodian of securities seeking approval as Designated Depository Participant (DDP) in terms of ... Sebi (FPI) regulations shall also apply through this portal," it added.
The Securities and Exchange Board of India (Sebi) said that the new system has been made operational with immediate effect.
Custodian of securities holds shares and other assets in electronic or physical form.
Earlier, Finance Minister Arun Jaitley in his budget speech for 2017 announced that the process of registration of financial market intermediaries will be made fully online by Sebi.
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