Question

According to the provision of the Depositories Act regarding the relationship between a depository and a participant, what is required for a depository to operate with participants?

A A depository can operate without any formal agreement with participants
B A depository must enter into a partnership with participants to act as its agent
C A depository shall enter into an agreement with one or more participants to act as its agent
D A depository must obtain approval from the Securities and Exchange Board of India before working with participants
E A depository can only work with a single participant without requiring an agreement
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