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Stock market regulator SEBI has approved six more entities to act as qualified depository participants (QDPs).
They are — on NSDL: HDFC Bank, BNP Paribas and Standard Chartered Bank; on CDSL: Globe Capital Market and IL&FS Securities; On NSDl and CDSL: Orbis Financial Corporation.
QDPs are entities authorised to do the KYC for qualified foreign investors. They also have the mandate to receive funds from a designated bank account of the QFI, buy and sell securities on their behalf and either repatriate or redeploy the sale proceeds of a QFI's equity investments in India.
SEBI has so far approved 12 entities across the two depositories NSDL and CDSL. Of these, only India Infoline and Orbis Financial Corporation are approved as QDP for both the depositories.
SEBI had approved Kotak Mahindra Bank, HSBC, Deutsche Bank, Citibank NA, SBISG Global Securities and India Infoline as QDPs last year.
raghavendrarao.k@thehindu.co.in
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