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Board Resolution: Apply to Become a Depository Participant DP

Board Resolution to Apply to Become a Depository Participant DPEligible entities can apply to the Depositories (NSDL / CDSL) to become a Depository Participant. In addition to the submission of registration form, an entity will also have to submit other supporting required documents, one of which is a certified copy of the resolution passed in the meeting of the board of directors.

Please check the websites of NSDL and CDSL, they might have already specified some format of board resolution for this purpose, which you may find in their websites.


Or else you may refer the following template of resolution for drafting.

SAMPLE
(modify suitably)

“RESOLVED THAT the company do apply to National Securities Depository Limited (NSDL) / Central Depository Services (India) Limited (CDSL) to become a Depository Participant (DP).

FURTHER RESOLVED THAT (Name of the Director/ Employee), (Designation) and (Name of the Director/ Employee), (Designation) of the company be and are hereby authorised to sign and submit necessary registration/ application form(s), execute the power of attorney(s), undertakings(s), deed(s), paper(s) and any other document(s), as may be necessary for the purpose of company becoming a Depository Participant of NSDL / CDSL.

FURTHER RESOLVED THAT (Name of the Director/ Employee), (Designation) and (Name of the Director/ Employee), (Designation) of the company be and are hereby authorised to sign and execute any of the above mentioned documents, carry out modifications or amendments thereto and affix the Common Seal of the company, thereon, if and when necessary, in accordance with the Articles of Association of the company.


FURTHER RESOLVED THAT (Name of the Director/Employee), (Designation) and (Name of the Director/Employee), (Designation) of the company be and are hereby authorised to appoint any suitable person as Compliance Officer and other staff required in this connection.

FURTHER RESOLVED THAT the Managing Director or any two directors of the company be and are hereby authorised to sign certified true copy of the resolution hereinabove and forward it to NSDL/ CDSL and any other parties as may be necessary in this regard.”

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