Article 21 Participation Requirements
21.1 The BSE shall approve the application of any member wishing to be a Participant in the CSDR System, if the applicant meets the following criteria:
21.1.1 The applicant has sufficient financial ability to pay his anticipated contribution to the Guarantee Fund and the calls for additional funds by the BSE, as and when required;
21.1.2 The applicant has shown that he has adequate personnel, physical facilities, suitable computer equipment compatible with that of the BSE, books, records, and procedures to fulfill his anticipated commitments to the BSE and to other Participants;
21.1.3 The applicant has shown that he has and maintains appropriate money accounts with the Settlement Bank for the purpose of payments and receipt of the amounts arising from trades concluded on the BSE.
21.2 The BSE shall approve or decline the application no later than 15 days from the receipt of such application, unless the application is incomplete or deficient, or there are reasonable grounds to believe that the applicant may not honour his commitments to the BSE.
21.3 An applicant may become a Participant upon payment to the BSE of his contribution to the Guarantee Fund and the execution of a CSDR Membership Agreement with the BSE, whereby he undertakes:
21.3.1 To abide by the BSE Law, Regulations, Procedures and their amendments.
21.3.2 To pay to the BSE, fees, charges and costs for services rendered, and any surcharges as may be imposed by the failure of the Participant to discharge his obligations.
21.3.3 That except as otherwise permitted by the BSE, to give all instructions concerning securities, clearing, settlement, depository and registry services through the BSE, and not otherwise.
21.4 Notwithstanding the foregoing, the BSE may decline to accept the application of any candidate, upon determination that the BSE does not have adequate data processing capacity, or other operational capabilities at that time to furnish services to additional Participants, without impairing the ability of the BSE to provide such services. Applications which are denied pursuant to this provision shall be processed as promptly as possible, in the order in which their applications were filed with the BSE.