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Home / Stock Broking & Intermediaries / Depository Participant (DP) Registration
Last updated: 2 October 2026
A Depository Participant (DP) opens and services demat accounts as an agent of NSDL or CDSL, and needs a SEBI certificate of registration obtained through the depository. Expertvuw supports eligible entities with eligibility review, Form F documentation, depository coordination and preparation for the pre-activation inspection.
DP registration is governed by the SEBI (Depositories and Participants) Regulations, 2018. Only specified categories may apply under Regulation 35, including public financial institutions, scheduled and foreign banks, state financial corporations, custodians, clearing corporations, SEBI-registered stock brokers, NBFCs and registrars to an issue and share transfer agents.
The application is made in Form F through the chosen depository. The depository evaluates it, requires the applicant to install the prescribed hardware and connectivity, trains staff and carries out a pre-activation inspection before forwarding the application to SEBI. On SEBI’s approval the certificate is issued in Form G, the participant agreement is executed and the DP ID is activated, usually first in a pilot environment.
Net worth is the most common threshold question. Following the 2022 amendment to the regulations, a stock broker applying to be a DP must have a net worth of at least ₹5 crore from 23 February 2024; other categories have their own norms. Operations staff need depository operations certification, and the DP needs a compliance officer and a grievance process from the first day of operations.
Based on the regulations and circulars referred to on this page. Last updated: 28 September 2026.
SEBI (Depositories and Participants) Regulations, 2018, read with the SEBI Master Circular for Depositories of 3 December 2024.
Form F, filed with SEBI through the depository with the prescribed fee (Regulation 32).
Banks, financial institutions, custodians, clearing corporations, stock brokers, NBFCs and RTAs, among others (Regulation 35).
Minimum ₹5 crore from 23 February 2024 under Regulation 35 as amended in 2022 (CDSL eligibility note).
Issued in Form G and valid unless suspended or cancelled (Regulation 36).
Operations staff need NISM Series-VI Depository Operations certification or the equivalent CPE (NSDL joining process).
The depository examines a DP application before SEBI sees it, so gaps are usually raised early and must be closed before it moves forward.
Net worth must be computed as the regulations define it, and a shortfall at any stage stops the application.
Hardware, connectivity and certified staff must be in place before the depository's pre-activation inspection.
The applicant, its directors and key persons must meet SEBI's fit and proper criteria under the Intermediaries Regulations, 2008.
Related services.
SEBI registration and exchange membership for broking entities, often the first step before a DP licence.
Half-yearly audit readiness, net worth certificates and compliance calendars for DPs.
Appointment of Authorised Persons with a stock broker and exchange approval.
Handling investor complaints on SCORES within the 21-day timeline.
More in this section: RIA & Research Analyst Compliance Audit
We confirm the applicant's eligible category and review net worth against the applicable threshold.
The applicant chooses NSDL or CDSL; joining the other depository is a separate application.
Form F and annexures are prepared and submitted through the depository with the prescribed fees.
After the depository's in-principle review, hardware and connectivity are installed and staff complete training.
The depository conducts a pre-activation inspection and forwards the application to SEBI.
On SEBI approval, the Form G certificate issues, the participant agreement is signed and the DP ID is activated.
Registration starts a recurring cycle of audits, certificates and grievance reporting to the depository and SEBI.
Depository operations are audited half-yearly by an independent practising CA, CS or CMA under depository bye-laws.
Net worth certificates and audited financial statements are filed with the depository in its prescribed format.
SCORES complaints need an Action Taken Report within 21 calendar days (SEBI circular dated 20 September 2023).
DPs follow SEBI's Cybersecurity and Cyber Resilience Framework of 20 August 2024, including audits by CERT-In empanelled auditors.
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Yes. A SEBI-registered stock broker is an eligible category under Regulation 35, subject to a minimum net worth of ₹5 crore from 23 February 2024 and the other eligibility conditions.
The certificate in Form G is valid unless suspended or cancelled under Regulation 36. Fees continue to be payable as specified in the regulations and by the depository.
Both operate under the same SEBI regulations. The choice usually depends on the client base and systems; an entity can become a DP of both, but each requires its own application.
It typically depends on how quickly infrastructure is set up, staff are certified and the inspection is cleared, followed by SEBI’s review. We do not commit to a fixed approval date.
Expertvuw provides advisory, documentation, application preparation and coordination support. It is not a Depository Participant, and net worth and other certificates are issued by independent licensed professionals.
ACS – Director, Expertvuw Management Pvt Ltd
Advisory and company secretarial work is handled by Expertvuw’s team. Audits, certifications and representation that the law reserves for Chartered Accountants, advocates or other licensed professionals are provided by independent professionals engaged for your case.