Repository Participant

The principle targets of WDRA and its Repository is to carry out the electronic Negotiable Warehouse Receipt System in the nation, improve the trustee trust of the contributors and the banks, increment liquidity in rustic regions, energize logical warehousing of merchandise, bring down the expense of financing, advance more limited and productive stock chains, upgrade compensation for reviewing and quality and guarantee better value hazard the executives. To give impulse to expanding the utilization of NWRs, WDRA is zeroing in on creating ware settlement component and debate goal instrument; enrollment of distribution centers to accomplish the destinations spread out in the WDR Act.

Store Participants are specialists of the Repository, and are relied upon to offer types of assistance according to Repository rules.

Role & Reponsibility

According to WDRA rules, a Repository may delegate at least one elements as Repository Participants who will be people alluded to in provision 16(4) of WDRA Guidelines on Repositories and creation and the executives of Electronic Warehouse Receipts, to be its representative for all or any of the accompanying purposes –

 

  • To recognize through narrative and additionally actual check, for the Repository, the character and address of the investor in whose favor a warehouseman means to give an electronic Warehouse Receipt.
  • To work with the opening, the board and shutting of records of clients on the Repository;
  • To work with the issue, alteration, move, vow and e-sale of electronic Warehouse Receipts.
  • Other coincidental and subordinate purposes as might be determined by the Repository every now and then.

Eligibility

As per the WDRA guidelines 16(4) of WDRA Guidelines on Repositories and Creation and Management of electronic Negotiable Warehouse Receipts and Repository Business Rule 9(1), the following entities are eligible for becoming Repository Participant:

  • A Bank, or a financial institution licensed under the Banking Regulation Act, 1949 and the Reserve Bank of India Act, 1934;
  • Any intermediary registered with the Securities and Exchange Board of India, PFRDA or IRDA;
  • A warehouseman is eligible for becoming a Repository Participant if it meets the requirements as specified by the Repository and as approved by the Authority from time to time. Provided that in addition to the conditions as aforesaid, a Warehouseman shall adhere to following conditions:
    1. Warehouseman shall segregate its operations as the Repository Participant from its warehouse operations completely that shall include both at the technological and operational level.
    2. Warehouseman may facilitate opening of Client account for farmers if and only if Repository Participant conducts Biometric or OTP based verification of AADHAR.
    3. Warehouseman shall have the necessary infrastructure like web-camera etc. to enable in- person verification by the Repository Participant’s authorized personnel.
  • Any other class of persons permitted to act as a Repository Participant by the Authority from time to time.

 
Further, the type/constitution of entities fulfilling the above mentioned criteria which may be admitted as Repository Participants are as mentioned below:

  • Corporate
  • LLP
  • Partnership
  • Banks/NBFC

Documentation

  • Application form
  • Repository Participant Agreement on stamp paper of Rs 500 or Franking (as attached)
  • Duly attested Company’s/Partnership firm/LLP PAN card
  • Directors/Partners/Designated director details viz. name, qualification, contact details, experience
  • Duly attested Company’s GST certificate
  • Letter from bank certifying a/c no and date from which operational
  • PAN card Copy of Directors/Promoter Shareholders/Partners
  • Net worth certificate
  • Proof of work experience –  designated Directors/Partners as may be applicable
  • Board Resolution/Partner’s Resolution along with List of authorized signatories verified by bank
  • Annual report for current FY along with balance sheet and Notes to accounts
  • Articles of Association (AoA) and Memorandum of Association (MoA)/ Partnership deed
  • Details of Shareholders as per format attached
  • Fit and Proper Undertaking

Process & Fees

  • For signup process, the applicant may register online.
  • For more details about process and fees, contact Indoclear Help Desk.