SUSPENSION OR WITHDRAWAL OR SURRENDER OF APPROVAL :

Where any designated depository participant who has been granted approval-

– fails to comply with any conditions subject to which an approval has been granted to him;

– contravenes any of the provisions of the securities laws or directions, instructions or circulars issued thereunder;

SEBI may, by order suspend or withdraw such approval after providing the designated depository participant a
reasonable opportunity of being heard. Any designated depository participant, who has been granted approval
desirous of giving up its activity and surrendering the approval granted, may make a request for such surrender
to SEBI.

SEBI may impose such conditions as it deems fit for protection of investors or the clients of designated depository

participants or the securities market and such person shall comply with such conditions.