What do you understand by Designated Depository Participant (DDP)? What is the eligibility criteria prescribed for the registration of DDP ? Discuss.

Designated Depository Participant (DDP) 'Designated Depository Participant' means a person who has been approved by SEBI under Foreign Portfolio Investors, Regulations, 2014. A custodian of securities which is registered with SEBI as on the date of commencement of these regulations shall be deemed to have been granted approval as designated depository participant subject to the payment of fees as prescribed in regulations. Further, a qualified depository participant which has been granted approval by SEBI prior to the commencement of these regulations, having opened qualified foreign investor account as on date of notification of these regulations, shall be deemed to have been granted approval as designated depository participant subject to the payment of fees as prescribed in this regulations. Eligibility Criteria for Designated Depository Participants The applicant is a participant and custodian registered with SEBI. The applicant is an Authorized Dealer Category-1 bank authorized by 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. The applicant is a fit and proper person based on the criteria specified in Schedule II of the SEBI (Intermediaries) Regulations, 2008; and Any other criteria specified by SEBI from time to time.