"SEBI shall not consider an application for the grant of approval as designated depository participant unless the applicant satisfies certain conditions." List out such conditions.

Regulation 11 of the SEBI (Foreign Portfolio Investors) Regulations, 2019 states that SEBI shall not consider an application for the grant of approval as designated depository participant unless the applicant satisfies the following conditions, namely: The applicant is a depository participant registered with SEBI. The applicant is a custodian registered with SEBI. The applicant is an Authorized Dealer Category-1 bank authorized by the RBI. The applicant has multinational presence either through its branches or through agency relationships with intermediaries regulated in their respective home jurisdictions. The applicant has systems and procedures to comply with the requirements of Financial Action Task Force Standards, Prevention of Money Laundering Act, 2002, Rules prescribed thereunder and the circulars issued from time to time by SEBI. The applicant is a fit and proper person based on the criteria specified in Schedule II of the SEBI (Intermediaries) Regulations, 2008. Any other criteria specified by SEBI from time to time. SEBI may consider an application from an entity, regulated in India or in its home jurisdiction, for grant of approval to act as designated depository participant, upon being satisfied that the applicant has sufficient experience in providing custodial services and that the grant of such approval is in the interest of the development of the securities market. After considering an application, SEBI may grant approval to the applicant, if it is satisfied that the applicant is eligible and fulfils the requirements including payment of fees. An application for grant of approval to act as designated depository participant which is not complete in all respects or is false or misleading in any material particular, shall be deemed to be deficient and shall be liable to be rejected by SEBI after giving a reasonable opportunity to remove the deficiency, within the time as specified by SEBI.