As per WDRA guidelines, a National E-Repository Limited may appoint one or more entities as Repository Participants for carrying all or any of the following core activities of repository –

Core activities to be carried out by Repository Participant – Account Maintenance:-

1. enabling the transfer of electronic Negotiable Warehouse Receipts;
2. on-boarding the users of a Repository;
3. To identify through documentary and/ or physical verification, on behalf of the Repository, the identity, and address of the depositor in whose favor a warehouseman intends to issue an electronic Negotiable Warehouse Receipt.
4. To facilitate the opening, management, and closing of accounts of users on the Repository;

Core activities to be carried out by Repository Participant – Pledgee:-

1. enabling the pledge or removal of the pledge, e-auction of electronic Negotiable Warehouse Receipts;

As per WDRA guidelines, NERL can appoint as its Repository Participants – Account Maintenance any of the following type of entities–

1. Scheduled Commercial Bank as listed under Schedule 2 (as amended) of the Reserve Bank of India Act, 1934, or financial institution licensed under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934;
2. any intermediary registered with the Securities and Exchange Board of India;
3. a warehouseman meeting the requirements that the Repository may specify, after such requirements for warehouseman have been approved by the Authority;
4. any entities regulated by PFRDA, IRDA, or any other class of persons permitted to act as a Repository Participant by the Authority from time to time.

As per WDRA guidelines, NERL can appoint as its Repository Participants – Pledgee any of the following type of entities–

1. Scheduled Commercial Bank as listed under Schedule 2 (as amended) of the Reserve Bank of India Act, 1934, or financial institution licensed under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934;
2. Such other financial intermediaries which are permitted by RBI for the purpose of carrying on the business of lending and borrowing;
3. Any custodian as defined by SEBI

Pledgee/Financial Institutions would be enrolled as Repository Participant carrying out pledging related activities and/ or providing account maintenance activities for clients as per their business requirement. In case any pledgee/Financial Institution desires to carry out activities related to pledge only, they would be registered as Repository Participant – Pledgee. However, they would be required to open repository account with any other Repository Participant – Account Maintenance.

Detailed information for Repository Participant – Account Maintenance