SEBI approves more qualified depository participants

The number of Qualified Depository Participants approved by the Securities and Exchange Board of India has risen to 27 from 21 in about a month. Data posted on the regulator's Web site shows the new depository on the CDSL to be JM Financial Services Pvt Ltd and on the NSDL, IL&FS Securities Services Ltd, Dalmia Securities Pvt Ltd, Geojit BNP Paribas Financial Services Ltd, Citigroup Global Markets India Pvt Ltd and Interactive Brokers (India) Pvt Ltd. Out of the total 27 QDPs approved by SEBI across the two depositories CDSL and NSDL, only India Infoline, Orbis Financial Corporation, Stock Holding Corporation India, IL&FS Securities Services Ltd, Dalmia Securities Pvt Ltd, Geojit BNP Paribas Financial Services Ltd and Globe Capital Market are approved as QDPs for both the depositories. 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 qualified foreign investor (QFI), to buy and sell securities on their behalf and either repatriate or redeploy the sale proceeds of a QFI's equity investments in India.