SEBI Custodian Regulation Amended

SECURITIES AND EXCHANGE BOARD OF INDIA
(CUSTODIAN) REGULATIONS, 1996
CONTENTS
CHAPTER I: PRELIMINARY
1. Short title and commencement.
2. Definitions.
CHAPTER II: REGISTRATION OF CUSTODIANS OF SECURITIES

3. Application for grant of certificate.
4. Application to conform to requirements.
5. Furnishing of information, clarification, and personal representation.
6. Consideration of application for grant of certificate.
7. Capital required.
8. Procedure and grant of certificate.
9. Conditions of certificate.
10. Procedure where certificate is not granted.
11. Effect of refusal to grant certificate.
CHAPTER III: GENERAL OBLIGATIONS AND RESPONSIBILITIES OF

CUSTODIANS
12. Code of conduct.
13. Segregation of activities.
14. Monitoring, review evaluating and inspecting systems and controls.
15. Prohibition of assignment.
16. Separate custody account.
17. Agreement with the client.
17A. Dispute Resolution.
18. Internal Controls.
19. Maintenance of records and documents and furnishing of information.
19A. Appointment of Compliance Officer.
20. Information to the Board.
CHAPTER IV: INSPECTION AND AUDIT

21. Board's right to inspect.
22. Notice before inspection.
23. Obligations of custodian on inspection by the Board.
24. Submission of Report to the Board.
25. Communication of findings etc. to the custodian.
25A. Appointment of Auditor.
25B. Board to recover the expenses.
CHAPTER V: PROCEDURE FOR ACTION IN CASE OF DEFAULT

26. Liability for action in case of default.
[27. Omitted by the SEBI (Procedure for holding Enquiry by Enquiry Officer
and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002
28. Omitted by the SEBI (Procedure for holding Enquiry by Enquiry Officer
and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002]
CHAPTER VI: POWER TO RELAX STRICT ENFORCEMENT OF THE

REGULATIONS
33. Exemption from enforcement of the regulations in special cases.
FIRST SCHEDULE - FORMS

FORM A: APPLICATION FOR GRANT OF CERTIFICATE OF
REGISTRATION AS CUSTODIAN
FORM B: CERTIFICATE OF REGISTRATION AS CUSTODIAN OF
SECURITIES
SECOND SCHEDULE: FEES PAYABLE UNDER THE REGULATIONS
THIRD SCHEDULE: CODE OF CONDUCT
THE GAZETTE OF INDIA
EXTRAORDINARY
PART II-SECTION 3 - SUB-SECTION (ii)
PUBLISHED BY AUTHORITY
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the16th May, 1996
1
[SECURITIES AND EXCHANGE BOARD OF INDIA
(CUSTODIAN) REGULATIONS, 1996]
S.O.344(E).─In exercise of the powers conferred by section 30 of the Securities and

Exchange Board of India Act, 1992 (15 of 1992) the Securities and Exchange Board
of India hereby makes the following, namely:—
CHAPTER I
PRELIMINARY
Short title and commencement.

1. (1) These regulations may be called the 2[Securities and Exchange Board of India
(Custodian) Regulations, 1996].
(2) They shall come into force on the date of their publication in the Official Gazette.
Definitions.
2. In these regulations unless the context otherwise requires:—
(a) "Act" means the Securities and Exchange Board of India Act, 1992 (15 of
1992);
(b) "certificate" means a certificate of registration granted by the Board under these
regulations;
3
[(ba) Change in control” in case of a body corporate –
(A) if its shares are listed on any recognised stock exchange, shall be construed with
reference to the definition of control in terms of regulations framed under clause (h)
of sub-section (2) of section 11 of the Act;
(B) if its shares are not listed on any recognised stock exchange, shall be construed
with reference to the definition of control as provided in sub-section (27) of Section
2 of the Companies Act, 2013 (18 of 2013);]
1
Substituted for the title “Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996” by
the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-
2019.
2
Substituted for the title “Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996” by
the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-
2019.
3
Inserted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment)
Regulations, 2023 w.e.f. 17-1-2023.
(c) "client" means any person who has entered into an agreement with a 4[custodian]
to avail of custodial services provided by the 5[custodian];
(d) "6[custodian]" means any person who carries on or proposes to carry on the
business of providing custodial services;
7
[(e)"custodial services" in relation to securities 8[or goods] of a client or gold or
gold related instruments 9[or silver or silver related instruments] held by a mutual
fund or title deeds of real estate assets held by a real estate mutual fund scheme in
accordance with the Securities and Exchange Board of India (Mutual Funds)
Regulations, 1996 means, 10[the] safekeeping of such securities 11[or goods] or gold
or gold related instruments 12[or silver or silver related instruments] or title deeds of
real estate assets and providing services incidental thereto, and includes—
(i) maintaining accounts of securities 13[or goods] or gold or gold related instruments
14
[or silver or silver related instruments] or title deeds of real estate assets of a client;
4
Substituted ibid for the words “custodian of securities”.
5
Substituted for the words “custodian of securities” by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-2019.
6
7
Substituted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7- 2008. Prior to
substitution, clause (e), as amended by SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-
2006, read as under:
"(e) "custodial services" in relation to securities of a client or gold or gold related instruments held by a mutual fund
or title deeds of real estate assets held by a real estate mutual fund in accordance with the Securities and Exchange
Board of India (Mutual Funds) Regulations, 1996 means, safe keeping of such securities or gold or gold related
instruments and providing services incidental thereto, and includes—
(i) maintaining accounts of securities or gold or gold related instruments of a client;
(ii) collecting the benefits or rights accruing to the client in respect of securities or gold or gold related instruments;
(iii) keeping the client informed of the actions taken or to be taken by the issuer of securities, having a bearing on the
benefits or rights accruing to the client; and
(iv) maintaining and reconciling records of the services referred to in sub-clause (i) to (iii);
Prior to this amendment, clause (e) read as under:
(e) "custodial services" in relation to securities means, safe keeping of securities of a client and providing services
incidental thereto, and includes—
(i) maintaining accounts of securities of a client;
(ii) collecting the benefits or rights accruing to the client in respect of securities;
(iii) keeping the client informed of the actions taken or to be taken by the issuer of securities, having a bearing on the
benefits or rights accruing to the client; and (v) maintaining and reconciling records of the services referred to in sub-
clause (i) to (iii);"
8
Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018,
w.e.f. 1-1-2019.
9
Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022. w.e.f. 25-4-
2022.
10
Inserted ibid.
11
Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations,
2018, w.e.f. 1-1-2019.
12
2022
13
Inserted ibid.
14
2022.
15
[(ia) undertaking activities as a Domestic Depository in terms of the Companies
(Issue of Indian Depository Receipts) Rules, 2004;]
(ii) collecting the benefits or rights accruing to the client in respect of securities 16[or
goods] or gold or 17[or silver or silver related instruments] gold related instruments
or title deeds of real estate assets;
(iii) keeping the client informed of the actions taken or to be taken by the issuer of
securities, having a bearing on the benefits or rights accruing to the client;
18
[(iiia) keeping the client informed of the actions taken or to be taken with respect
to the goods held on its behalf;] and
(iv) maintaining and reconciling records of the services referred to in subclauses (i)
to 19[(iiia)];]
(f) "custody account" means an account of a client maintained by a 20[custodian] in
respect of securities;
(g) 21[* * *]
(h) "Form" means any of the forms set out in the First Schedule;
22
[(ha) ‘goods’ means the goods notified by the Central Government under clause
(bc) of section 2 of the Securities contracts (Regulation) Act, 1956 and forming the
underlying of any commodity derivative contract;]
(i) "inspecting officer" means an inspecting officer appointed by the Board under
regulation 21;
(j) "Schedule" means a Schedule annexed to these regulations;
23
[(k) "securities" shall have the meaning assigned to it in clause (h) of section 2 of
the Securities Contracts (Regulation) Act, 1956.]
CHAPTER II
REGISTRATION OF CUSTODIANS OF SECURITIES
Application for grant of certificate
15
Inserted by the SEBI (Facilitation of Issuance of Indian Depository Receipts) (Amendment) Regulations, 2009 with
effect from 19-6-2009.
16
w.e.f. 1-1-2019.
17
2022.
18
Inserted ibid.
19
Substituted for “(iii)” by the Securities and Exchange Board of India (Custodian of Securities) (Amendment)
Regulations, 2018, w.e.f. 1-1-2019.
20
21
Omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002,
w.e.f. 27-9-2002. Prior to its omission, clause (g) read as under,
‘(g) “enquiry officer” means an enquiry officer appointed by the Board, under regulation 29;”
22
2018, w.e.f. 1-1-2019.
23
Inserted ibid.
3. (1) Any person proposing to carry on business as 24[custodian] on or after the
commencement of these regulations shall make an application to the Board for grant
of a certificate.
(2) Any person who is carrying on business as a 25[custodian] on the date of
commencement of these regulations shall make an application to the Board for grant
of certificate within a period of three months from the date of such commencement:
Provided that the Board may, in special cases, where it is of the opinion that it is
necessary to do so for reasons to be recorded in writing may extend the period up to
a maximum of six months from the date of such commencement.
(3) An application for grant of a certificate under sub-regulation (1) or sub regulation
(2) shall be made in Form A and shall be accompanied by an application fee as
specified in Part A of the Second Schedule and be paid in the manner specified in
Part B thereof.
(4) Any person referred to in sub-regulation (2) who fails to make an application for
grant of certificate within the period or the extended period specified therein, shall
cease to carry on any activity as 26[custodian] and shall be subject to the directions
of the Board with regard to the transfer of records, documents or securities relating
to his activities as 27[custodian].
Application to conform to requirements.

4. An application under regulation 3 which is not complete in all respects or which
does not conform to the instructions specified therein shall be rejected: Provided
that, before rejecting any such application, the Board shall give the applicant an
opportunity to remove the objection, within such time as may be specified by the
Board.
Furnishing of information, clarification, and personal representation.

5. (1) The Board may require the applicant to furnish such further information or
clarification regarding matters relevant to the activities of a 28[custodian] for the
purpose of consideration of the application.
(2) The applicant or his authorised representative shall, if so required, appear before
the Board for personal representation, in connection with the grant of certificate.
Consideration of application for grant of certificate.
6. (1) For the purpose of the grant of a certificate the Board shall take into account
all matters which are relevant to the activities of a 29[custodian] and in particular,
whether:—
24
25
26
27
28
29
(a) the applicant fulfils the capital requirement in accordance with regulation 7; (b)
the applicant has the necessary infrastructure, including adequate office space, vaults
for safe custody of securities and computer systems capability, required to
effectively discharge his activities as 30[custodian];
31
[(ba) the applicant has the requisite approvals under any law for the time being in
force, in connection with providing custodial services in respect of 32[goods of a
client or] 33[gold or gold related instruments or silver or silver related instruments
held by a mutual fund] 34[or title deeds of a real estate assets held by a real estate
mutual funds scheme], where applicable];
(c) the applicant has in his employment adequate and competent persons who have
the experience, capacity and ability of managing the business of the 35[custodian];
(d) the applicant has prepared a complete manual, setting out the systems and
procedures to be followed by him for the effective and efficient discharge of his
functions and the arm’s length relationships to be maintained with the other
businesses, if any, of the applicant;
(e) the applicant is a person who has been refused a certificate by the Board or whose
certificate has been cancelled by the Board;
(f) the applicant, his director, his principal officer or any of his employees is involved
in any litigation connected with the securities market;
(g) the applicant, his director, his principal officer or any of his employees has at any
time been convicted of any offence involving moral turpitude or of any economic
offence;
36
[(gg)the applicant is a fit and proper person;] and
(h) the grant of certificate is in the interest of investors.
(2) Notwithstanding anything contained in sub-regulation (1) the Board shall not
consider an application made under regulation 3 unless the applicant is a body
corporate.
37
[Criteria for fit and proper person.
30
31
Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.
32
w.e.f. 1-1-2019.
33
Substituted for the words “gold or gold related instruments of a mutual fund” by the Securities and Exchange
Board of India (Custodian) (Amendment) Regulations, 2022. w.e.f. 25-4-2022.
34
35
36
37
Substituted by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-5-2008. Prior to its substitution, regulation
6A as inserted by the SEBI (Criteria for Fit and Proper Person) Regulations, 2004, w.e.f. 10-3-2004, read as under:
"6A. Applicability of Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations,
2004.─The provisions of the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations,
2004 shall, as far as may be, apply to all applicants or the custodians of securities under these regulations."
6A. For the purpose of determining whether an applicant or the 38[custodian] is a fit
and proper person the Board may take into account the criteria specified in Schedule
II of the Securities and Exchange Board of India (Intermediaries) Regulations,
2008.]
Capital requirement.
7. (1) The capital requirement referred to in clause (a) of sub-regulation (1) of
regulation 6 shall be a net worth of a minimum of rupees fifty crores.
Explanation.─For the purposes of this regulation, the expression "net worth"
means the paid-up capital and the free reserves as on the date of the application.
(2) Notwithstanding anything contained in sub-regulation (1) any 39[custodian]
which
(a) has been approved by the Board under the provisions of Securities and Exchange
Board of India (Mutual Fund) Regulations, 1993, or the Securities and Exchange
Board of India (Foreign Institutional Investors) Regulations, 1995, or the
Government of India Guidelines for Foreign Institutional Investors dated September
14, 1992, even if it does not have the net worth specified in sub-regulation (1) may
continue to function as a 40[custodian] and shall within a period of one year from the
date of commencement of these regulations raise its net worth to that specified in
sub-regulation (1):
41
[Provided that the period specified above may be extended by the Board upto a
maximum of 5 years;]
(b) has made an application under regulation 3 shall be permitted to fulfil his capital
adequacy requirements within one month of the receipt of certificate under
regulation 8.
Procedure and grant of certificate.

8. (1) After considering the application under regulation 3, with reference to the
matters specified in regulation 6, if the Board on being satisfied that all particulars
sought have been furnished and the applicant is eligible for the grant of a certificate,
shall send an intimation of the same to the applicant.
(2) On receipt of an intimation from the Board under sub-regulation (1), the applicant
shall pay to the Board a registration fee specified in Part A of Second Schedule in
the manner specified in Part B thereof.
(3) The Board shall thereafter grant a certificate in Form B to the applicant on receipt
of the registration fee:
38
39
Substituted ibid for the words “custodian of securities.
40
41
42
[Provided that the Board may restrict the certificate of registration to providing
custodial services either in respect of securities or 43[goods of a client or] in respect
of 44[gold or gold related instruments or silver or silver related instruments held by
a mutual fund] 45[or title deeds of real estate assets held by a real estate mutual funds
scheme].]
46
[(4) A 47[custodian] holding a certificate of registration as on the date of
commencement of the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 2006, may provide custodial services in
respect of gold or gold related instruments 48[held by a mutual fund} only after taking
prior approval of the Board.]
49
[(5) A 50[custodian] holding a certificate of registration as on the date of
Securities) (Amendment) Regulations, 2008 may provide custodial services in
respect of title deeds of real estate assets held by a real estate mutual fund scheme.]
51
[(6) A custodian holding a certificate of registration as on the date of
Securities) (Amendment) Regulations, 2018, may provide custodial services in
respect of goods only after taking prior approval of the Board.]
52
[(7) A custodian holding a certificate of registration as on the date of
commencement of the Securities and Exchange Board of India (Custodian)
(Amendment) Regulations, 2022, may provide custodial services in respect of silver
or silver related instruments held by a mutual fund only after taking prior approval
of the Board.]
Conditions of certificate.
53
9. The certificate granted to [custodian] shall be subject to the following
conditions, namely :─
42
43
w.e.f. 1-1-2019.
44
Substituted for the words “gold or gold related instruments of a *[mutual fund]” by the Securities and Exchange
Board of India (Custodian) (Amendment) Regulations, 2022. w.e.f. 25-4-2022.
* Substituted for the word “client” by the Securities and Exchange Board of India (Custodian of Securities)
(Amendment) Regulations, 2018, w.e.f. 1-1-2019.
45
46
47
48
Substituted for the words “of a mutual fund” by the Securities and Exchange Board of India (Custodian)
49
50
51
2018, w.e.f. 1-1-2019.
52
Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-4-
2022.
53
(a) it shall not commence any activities as 54[custodian] unless it fulfils the capital
requirement specified in regulation 7;
55
[(aa) it shall obtain prior approval of the Board in case of change in control in such
manner as specified by the Board;]
(b) it shall abide by the provisions of the Act and these regulations in the discharge
of its functions as 56[custodian];
(c) it shall enter into a valid agreement with its client for the purpose of providing
custodial services;
(d) it shall pay annual fees as specified in Part A of the Second Schedule in the
manner specified in Part B thereof;
(e) if any information previously submitted by it to the Board is found by it to be
false or misleading in any material particular, or if there is any change in such
information, it shall forthwith inform the Board in writing; and
(f) besides providing custodial services, it shall not carry on any activity other than
activities relating to rendering of financial services.
57 58
[ ]Period of validity.
9A. Every certificate granted under sub-regulation (3) of regulation 8, shall be valid
unless it is suspended or cancelled by the Board.]
59
[***]]
Procedure where certificate is not granted.

10. (1) After considering an application for grant of certificate made under regulation
3, if the Board is satisfied that a certificate should not be granted, the Board may
54
55
Inserted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment)
Regulations, 2023 w.e.f. 17-1-2023.
56
57
Inserted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.
58
Substituted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2019, w.e.f. 22-
3-2019. Prior to substitution the regulation read as below:
“Period of validity.
9A. (1) Every certificate granted under sub-regulation (3) of regulation 8 on and after the commencement of the
Securities and Exchange Board of India (Custodian of Securities) (Second Amendment) Regulations, 2006, shall be
valid for a period of three years from the date of grant of registration or its renewal.
(2) Every certificate granted under sub-regulation (3) of regulation 8 before the commencement of the Securities and
Exchange Board of India (Custodian of Securities) (Second Amendment) Regulations, 2006, shall be valid for a period
of three years from such commencement or its renewal.”
59
Omitted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2019, w.e.f.22-3-
2019. Prior to omission the regulation read as below:
“Renewal of certificate.
9B. (1) A custodian, desirous of having its certificate renewed shall make an application to the Board for renewal of
the certificate in Form A, not less than three months before the expiry of its period of validity under regulation 9A.
(2) The application for renewal of certificate shall be dealt with, as far as may be, as if it were an
application for the grant of a fresh certificate under regulation 3 and shall be accompanied with the application fee as
specified in Schedule II.”
reject the application after giving the applicant a reasonable opportunity of being
heard.
(2) The decision of the Board to reject the application shall be communicated within
thirty days of such decision to the applicant in writing stating therein the grounds on
which the application has been rejected.
(3) An applicant, who is aggrieved by the decision of the Board under subregulation
(1) may, within a period of thirty days from the date of receipt of communication
under sub-regulation (2), apply to the Board for re-consideration of its decision.
(4) The Board shall, as soon as possible, in the light of the submissions made in the
application for reconsideration made under sub-regulation (3) and wherever
necessary, after giving the applicant a reasonable opportunity of being heard, convey
its decision in writing to the applicant.
Effect of refusal to grant certificate.

11. Any 60[custodian] whose application for grant of certificate has been rejected by
the Board shall, on and from the date of the receipt of the communication under sub-
regulation (2) of regulation 10 cease to carry on any activity as 61[custodian] and
shall be subject to the directions of the Board with regard to the transfer of records
documents or securities that may be in its custody or control relating to its activity
as 62[custodian].
CHAPTER III
GENERAL OBLIGATIONS AND RESPONSIBILITIES OF CUSTODIANS
Code of conduct.
12. Every 63[custodian] shall abide by the Code of Conduct as set out in the Third
Schedule.
Segregation of activities.
13. Where a 64[custodian] is carrying on any activity besides that of acting as
65
[custodian], then,—
(i) the activities relating to his business as 66[custodian] shall be separate and
segregated from all other activities;
60
61
62
63
64
65
66
(ii) its officers and employees engaged in providing custodial services shall not be
engaged in any other activity carried on by him.
Monitoring, review evaluating and inspecting systems and controls.

14. (1) Every 67[custodian] shall have adequate mechanisms for the purposes of
reviewing, monitoring and evaluating the custodian's controls, systems, procedures
and safeguards.
(2) The 68[custodian] shall cause to be inspected annually the mechanism referred to
in sub-regulation (1) by an expert and forward the inspection report to the Board
within three months from the date of inspection.
Prohibition of assignment.
15. No 69[custodian] shall assign or delegate its functions as a 70[custodian] to any
other person unless such person is a 71[custodian]:
72
[Provided that a 73[custodian] may engage the services of a person not being a
custodian, for the purpose of physical safekeeping of 74[goods or] gold 75[or silver]
belonging to its client 76[including] a mutual fund having a gold exchange traded
fund scheme 77[or a silver exchange traded fund scheme], subject to the following
conditions—
(a) the 78[custodian] shall remain responsible in all respects to its client for
safekeeping of the 79[goods or] gold 80[or silver] kept with such other person,
including any associated risks;
67
68
69
70
71
72
Inserted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.
73
74
w.e.f. 1-1-2019.
75
2022.
76
Substituted ibid for the word “being”
77
2022.
78
79
w.e.f. 1-1-2019.
80
2022.
(b) all books, documents and other records relating to the 81[goods or] gold 82[or
silver] so kept with the other person shall be maintained in the premises of the
custodian or if they are not so maintained, they shall be made available therein, if so
required by the Board;
(c) the 83[custodian] shall continue to fulfill all duties to the clients relating to the
84
[goods or] gold 85[or silver] so kept with the other person, except for its physical
safekeeping.]
Separate custody account.

16. Every 86[custodian] shall open a separate custody account for each client, in the
name of the client whose securities are in its custody and the assets of one client
shall not be mixed with those of another client.
Agreement with the client.

17. Every 87[custodian] shall enter into an agreement with each client on whose
behalf it is acting as 88[custodian] and every such agreement shall provide for the
following matters namely:─
(a) the circumstances under which the 89[custodian] will accept or release securities
90
[, goods]91[, assets or documents] from the custody account;
(b) the circumstances under which the 92[custodian] will accept or release monies
from the custody account;
(c) the circumstances under which the 93[custodian] will receive rights or
entitlements on the securities 94[or goods] of the client;
81
Inserted ibid.
82
2022.
83
84
2018, w.e.f. 1-1-2019.
85
2022.
86
87
88
89
90
Inserted ibid.
91
92
93
94
w.e.f. 1-1-2019.
(d) the circumstances and the manner of registration of securities in respect of each
client; and
(e) details of the insurance, if any, to be provided for by the 95[custodian].
96
[Dispute Resolution.
17A. All claims, differences or disputes between a custodian and its client arising
out of or in relation to the activities of the custodian in the securities market shall be
submitted to a dispute resolution mechanism that includes mediation and/or
conciliation and/or arbitration, in accordance with the procedure specified by the
Board.]
Internal controls.
18. (1) Every 97[custodian] shall have adequate internal controls to prevent any
manipulation of records and documents including audits for securities 98[, goods]
and rights or entitlements arising from the securities 99[and goods] held by it on
behalf of its client.
(2) Every 100[custodian] shall have appropriate safekeeping measures to ensure that
such securities 101[, goods] 102[, assets or documents] are protected from theft and
natural hazard.
Maintenance of records and documents and furnishing of information.

19. (1) Without prejudice to the provisions of any other law for the time being in
force every 103[custodian] shall maintain the following records and documents,
namely:─
(a) records containing details of securities 104[, goods] 105[, assets or documents]
received and released on behalf of each client;
(b) records containing details of monies received and released on behalf of each
client;
(c) records containing details of rights or entitlements of each client arising from the
securities held on behalf of the client;
(d) records containing details of registration of securities in respect of each client;
95
96
Inserted by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment)
Regulations, 2023, w.e.f., 04-07-2023.
97
98
Inserted ibid.
99
w.e.f. 1-1-2019.
100
101
Inserted ibid.
102
103
104
Inserted ibid.
105
(e) ledger for each client;
(f) records containing details of instructions received from and sent to clients; and
(g) records of all reports submitted to the Board.
(2) Every 106[custodian] shall intimate to the Board the place where the records and
documents under sub-regulation (1) are maintained.
(3) Every 107[custodian] shall preserve the records and documents maintained under
sub-regulation (1) for a minimum period of five years.
108
[Appointment of compliance officer.
19A. (1) Every 109[custodian] shall appoint a compliance officer who shall be
responsible for monitoring the compliance of the Act, rules and regulations,
notifications, guidelines, instructions, etc., issued by the Board or the Central
Government and for redressal of investors' grievances.
(2) The compliance officer shall immediately and independently report to the Board
any non-compliance observed by him.]
Information to the Board.

20. (1) The Board may, at any time, call for any information from a 110[custodian]
with respect to any matter relating to its activity as 111[custodian].
(2) Where any information is called for by the Board under sub-regulation (1), it
shall be the duly of the 112[custodian] to furnish such information within such
reasonable period as the Board may specify.
CHAPTER IV
INSPECTION AND AUDIT
Board's right to inspect.

21. (1) The Board may appoint one or more persons as inspecting officer to
undertake inspection of the hooks of account, records and documents of the
113
[custodian] for any of the following purposes, namely:─
106
107
108
Inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29-5-2001.
109
110
111
112
113
(a) to ensure that the books of account, records and documents are being maintained
by the 114[custodian] in the manner specified in these regulations;
(b) to investigate into complaints received from investors, clients or any other
person, on any matter having a bearing on the activities of the 115[custodian];
(c) to ascertain whether the provisions of the Act and these regulations are being
complied with by the 116[custodian]; and
(d) to investigate suo motu into the affairs of the 117[custodian] in the interest of the
securities market or in the interest of investors.
Notice before inspection.

22. (1) Before ordering an inspection under regulation 21 the Board shall give not
less than ten days notice to the 118[custodian].
(2) Notwithstanding anything contained in sub-regulation (1), where the Board is
satisfied that in the interest of the investors no such notice should be given, it may
by an order in writing direct that the inspection of the affairs of the 119[custodian] be
taken up without such notice.
(3) During the course of an inspection, the 120[custodian] against whom the
inspection is being carried out shall be bound to discharge his obligations as
provided in regulation 23.
Obligations of custodian on inspection by the Board.

23. (1) It shall be the duty of the 121[custodian] whose affairs are being inspected,
and of every director, officer and employee thereof to produce to the inspecting
officer such books, securities, accounts, records and other documents in its custody
or control and furnish him with such statements and information relating to his
activities of the 122[custodian], as the inspecting officer may require, within such
reasonable period as the inspecting officer may specify.
(2) The 123[custodian] shall allow the inspecting officer to have reasonable access to
the premises occupied by such custodian or by any other person on his behalf and
also extend reasonable facility for examining any books, records, documents and
114
115
116
117
118
119
120
121
122
123
computer data in the possession of the 124[custodian] or such other person and also
provide copies of documents or other materials which in the opinion of the
inspecting officer are relevant for the purposes of the inspection.
(3) The inspecting officer, in the course of inspection, shall be entitled to examine
or to record the statements of any director, officer or employee of the 125[custodian].
(4) It shall be the duty of every director, officer or employee of the 126[custodian] to
give to the inspecting officer all assistance in connection with the inspection, which
the inspecting officer may reasonably require.
Submission of report to the Board.

24. The inspecting officer shall, as soon as possible, on completion of the inspection
submit an inspection report to the Board:
Provided that if directed to do so by the Board, he may submit an interim report.
127
[Action on inspection or investigation report.
25. The Board or the Chairman shall after consideration of inspection or
investigation report take such action as the Board or Chairman may deem fit and
appropriate including action under 128[Chapter V of the Securities and Exchange
Board of India (Intermediaries) Regulations, 2008].]
129
[Appointment of auditor.
25A. The Board shall have the power to appoint an auditor to inspect or investigate,
as the case may be, into the books of account, records, documents or affairs of the
applicant or the custodian, as the case may be; Provided that the auditors so
appointed shall have the same powers as vested in the inspecting officer under
regulation 21 and the applicant or custodian and its directors, officers and employees
shall be under the same obligations, towards the auditor so appointed, as are
mentioned in regulation 23.
Board to recover the expenses.

124
125
126
127
Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations,
2002, w.e.f. 27-9-2002. Prior to its substitution, regulation 25 read as under:
“25. (1) Communication of findings etc. to the custodian of securities of securities.─The Board shall, after
consideration of the inspection report or the interim report referred to in regulation 24, communicate the findings of
the inspection officer to the custodian of securities and give him an opportunity of being heard.
(2) On receipt of the reply if any, from the custodian of securities, the Board may call upon the custodian of securities
to take such measures as the Board may deem fit in the interest of the securities market and for due compliance with
the provisions of the Act, the rules framed thereunder and these regulations.
128
Substituted for the words "the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry
Officer and Imposing Penalty) Regulations, 2002" by the SEBI (Intermediaries) Regulations, 2008 w.e.f. 26-5-2008.
129
25B. The Board shall be entitled to recover from the custodian or the applicant, as
the case may be, such expenses including fees paid to the auditors as may be incurred
by it for the purposes of inspecting the books of account, records and documents of
the applicant or the custodian as the case may be.]
CHAPTER V
PROCEDURE EOR ACTION IN CASE OF DEFAULT
130
[Liability for action in case of default.
26. A 131[custodian] who—
(a) contravenes any of the provisions of the Act, the rules framed thereunder
or these regulations;
(b) fails to furnish any information relating to his activity as 132[custodian] as
required by the Board;
(c) furnishes to the Board information which is false and misleading in any
material particular;
(d) does not submit periodic returns or reports as required by the Board;
(e) does not co-operate in any enquiry or inspection conducted by the Board;
(f) fails to update its systems and procedures as recommended by the Board;
(g) fails to resolve the complaints of clients or fails to give a satisfactory reply
to the Board in this behalf;
(h) is guilty of misconduct or makes a breach of the Code of Conduct specified
in the Third Schedule;
(i) fails to pay annual fees,
shall be dealt with in the manner provided under 133[Chapter V of the Securities and
Exchange Board of India (Intermediaries) Regulations, 2008].]
130
Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations,
2002, w.e.f. 27-9-2002. Prior to its substitution, regulation 26 read as under:
“26. Suspension of certificate. The Board may suspend the certificate granted to a custodian of securities where the
custodian of securities:
(a) contravenes any of the provisions of the Act, the rules framed thereunder or these regulations;
(b) fails to furnish any information relating to his activity as custodian of securities as required by the Board;
(c) furnishes to the Board information which is false and misleading in any material particular;
(d) does not submit periodic returns or reports as required by the Board;
(e) does not co-operate in any enquiry or inspection conducted by the Board;
(f) fails to update its systems and procedures as recommended by the Board;
(g) fails to resolve the complaints of clients or fails to give a satisfactory reply to the Board in this behalf;
(h) is guilty of misconduct or makes a breach of the Code of Conduct specified in the Third Schedule;
(i) fails to pay annual fees,
shall be dealt with in the manner provided under the Securities and Exchange Board of India (Procedure for Holding
Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002."
131
132
133
Substituted for "the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer
and Imposing Penalty) Regulations, 2002" by the SEBI (Intermediaries) Regulations, 2008, w.e.f. 26-5-2008.
134
[27 to 32]
135
[CHAPTER VI
POWER TO RELAX STRICT ENFORCEMENT OF THE REGULATIONS
Exemption from enforcement of the regulations in special cases.

33. (1) The Board may, exempt any person or class of persons from the operation of
all or any of the provisions of these regulations for a period as may be specified but
not exceeding twelve months, for furthering innovation 136[***] relating to testing
new products, processes, services, business models, etc. in live environment of
regulatory sandbox in the securities markets.
(2) Any exemption granted by the Board under sub-regulation (1) shall be subject to
the applicant satisfying such conditions as may be specified by the Board including
conditions to be complied with on a continuous basis.
Explanation. — For the purposes of these regulations, "regulatory sandbox" means

a live testing environment where new products, processes, services, business models,
etc. may be deployed on a limited set of eligible customers for a specified period of
time, for furthering innovation in the securities market, subject to such conditions as
may be specified by the Board.]
FIRST SCHEDULE
FORMS
[See regulation 2(h)]
FORM A
137
[SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN)
REGULATIONS, 1996]
(See Regulation 3(3))
Application for grant of certificate of registration as
138
[Custodian]
Securities and Exchange Board of India Mittal Court, 'B' wing,
1st Floor Nariman Point, Mumbai 400021 - India
________________________________________________________________
134
Regulations 27 to 32 omitted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing
Penalty) Regulations, 2002, w.e.f. 27-9-2002.
135
Inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17-04-2020.
136
The words “in technological aspects” omitted by the Securities and Exchange Board of India (Regulatory Sandbox)
137
Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations,
2018, w.e.f. 1-1-2019.
138
INSTRUCTIONS:
i. This form is meant for use by the applicant for application for grant of certificate
of registration as 139[custodian].
ii. The applicant should complete this form, and submit it, along with all supporting
documents to the Board at its head office at Mumbai.
iii. This application form should be filled in accordance with the 140[SEBI
(Custodian) Regulations, 1996].
iv. The application will be considered by the Board provided it is complete in all
respects.
v. All answers must be typed.
vi. Information which needs to be supplied in more detail may be given on separate
sheets which should be attached to the application form.
vii. The application must be signed and all signatures must be original.
viii. The application must be accompanied by an application fee as specified in the
Second Schedule to the 141[SEBI (Custodian) Regulations, 1996].
ix. Every page of the form and every additional sheet must be initialled by the
authorised signatory of the applicant.
x. All copies of documents should be attested as true by an authorised notary.
1. Name, address of the registered office, address for correspondence, telephone

number(s), fax number(s), telex number(s) of the applicant and the name of the
contact person.
2. Please indicate to which of the following categories the applicant belongs:
(i) Foreign bank
(ii) Domestic bank
(iii) Financial Institution
(iv) Other
3. (a) Date and place of incorporation or establishment and date of commencement
of business (enclose certificate of incorporation, memorandum and articles of
association or statutory provisions, if any, under which incorporated or established).
(b) Details of the activities carried on by the applicant, in India or overseas.
(c) Details of affiliates and subsidiaries of the applicant operating in India, and
activities carried on by them.
(d) Details of registration with the Securities and Exchange Board of India or with
the Reserve Bank of India or with any regulatory authority overseas of the applicant,
and of its affiliates and subsidiaries operating in India.
139
140
2018, w.e.f. 1-1-2019.
141
2018, w.e.f. 1-1-2019.
(e) In case the applicant is buying, selling or otherwise dealing with the securities
market as a 142[custodian] immediately before the 24th March, 1995.
(i) Date of commencement of business as "143[custodian]" in case of banks, please
enclose copies of the Reserve Bank of India's permission, and if applicable, copies
of approval from the Central Government, to carry on activities as 144[custodian].
(ii) Type and number of existing clients (Financial Institutions, Mutual Funds,
Foreign Institutional Investors, Depository Receipts, Portfolio Managers, Non
Banking Finance Companies, Stock Brokers, Corporates, Individuals.)
(iii) Volume of assets under custody.
4. Please state whether the applicant, director or principal officer is involved in any
litigation connected with the securities market which has an adverse bearing on the
business of the applicant; or has at any time been convicted for any moral turpitude
or at anytime has been found guilty of any economic offence.
5. Please also state whether there has been any instance of violation or non adherence
to the securities laws, code of ethics/conduct, code of business rules, for which the
applicant, or its parent or holding company or affiliate may have been subject to
economic, or criminal, liability, or suspended from carrying out its operations, or the
registration revoked temporarily.
6. Please indicate the net worth and paid-up capital in Rupees as per the latest audited
financial statements of the applicant (enclose copy).
7. Please indicate services that are provided to clients or are proposed to be provided
to clients as 145[custodian].
8. Please provide the following details regarding infrastructure:
(i) space owned in square feet (please indicate location and enclose copy of title);
(ii) space on lease in square feet (please indicate location and enclose copy of lease
agreement);
(iii) space on rent in square feet (please indicate location and enclose copy of rental
agreement);
146
[(iv) details of vault or warehouse, for each vault or warehouse (in case the vault
or warehouse is built to any specific standard, give details and documentary evidence
thereof).]
9. Please provide the following details regarding staff involved in activities as
147
[custodian]:
(i) organisation structure;
142
143
144
145
146
2018, w.e.f. 1-1-2019. Prior to such substitution, sub-clause (iv) read as –
“(iv) details of vault, for each vault (in case the vault is built to any specific standard, give details and documentary
evidence thereof).”
147
(ii) experience and background of key personnel.
10. Please provide the following details regarding safekeeping and security systems
and procedures:
(i) 148[warehouse,] vault security and access control systems;
(ii) systems for tracking securities 149[and goods];
(iii) risk control and operations manuals (enclose copies);
(iv) give details of independent internal control mechanisms for monitoring,
evaluation and review of accounting safekeeping and reporting systems and
procedures.
11. Please provide the following details regarding automatic data processing systems
and record keeping:
(i) details of hardware, software and communications systems, their capability,
function and location;
(ii) details of data storage and back up procedures and sites, their capability, function
and location;
(iii) details of disaster recovery systems and procedures.
12. Declaration statement (to be given as below)
We hereby agree and declare that the information supplied in the application,
including the attachment sheets, is complete and true.
We further agree that, we shall notify the Securities and Exchange Board of India
immediately any change in the information provided in the application.
We further agree that we shall comply with, and be bound by the Securities and
Exchange Board of India Act, 1992, and the 150[Securities and Exchange Board of
India (Custodian) Regulations, 1996], and such other guidelines/instructions as may
be announced by the Securities and Exchange Board of India from time to time.
We further agree that as a condition of registration, we shall abide by such

operational instructions/directives as may be issued by the Securities and Exchange
Board of India from time to time.
For and on behalf of………………
(Name of the applicant)
Authorised signatory ............................... ..........................................
(Name) (Signature)
Date:
Place :
FORM B
148
Inserted ibid.
149
w.e.f. 1-1-2019.
150
2018, w.e.f. 1-1-2019.
(See regulation 8)
151
CERTIFICATE OF REGISTRATION AS 152[CUSTODIAN]
I. In exercise of the powers conferred by sub-section (1) of section 12 of the

Securities and Exchange Board of India Act, 1992 (15 of 1992), read with the
regulations made thereunder, the Board hereby grants a certificate of registration to
_________________ as a 153[custodian] subject to the conditions specified in the
Act and in the regulations made thereunder.
II. The Registration Number of the 154[custodian] is IN................
/....../..... /....
Date:
Place: MUMBAI By order

Sd/-
For and on behalf of
Securities and Exchange Board of India
SECOND SCHEDULE
[See regulation 155[3(3), and 8]]
156
FEES PAYABLE UNDER THE REGULATIONS
157
[PART A
AMOUNT TO BE PAID AS FEES
(I) Application fee Rs.158[5,00,000]

(ii) Registration fee Rs.159[50,00,000]
151
2018, w.e.f. 1-1-2019.
152
153
154
2018, w.e.f. 1-1-2019
155
Substituted for the words and expressions “3(3), 8 and 9(C)” by the Securities and Exchange Board of India
(Custodian) (Amendment) Regulations, 2019, w.e.f. 22-3-2019.
156
Substituted ibid.
157
Substituted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.
158
Substituted for the figure "1,00,000" by SEBI (Payment of Fees) (Amendment) Regulations 2014, w.e.f.
23.05.2014.
159
Substituted for the figure "15,00,000", ibid.
(iii) Annual fee Rs.10,00,000 or
160 161
[ [0.0005] per cent] of the "assets
162
under custody" of the [custodian], whichever is higher.
Explanation I.—For the purpose of this part, the expression "assets under custody"
shall mean the value of the assets held by the 163[custodian] as disclosed by him
under sub-paragraph (4) of paragraph II.
Explanation II.—It is clarified that no Registration fee shall be payable under clause
(ii), in case of renewal of the certificate of registration.]
PART B
164
[I. The fees specified above shall be payable by way of direct credit into the bank
account through NEFT/RTGS/IMPS or online payment using the SEBI Payment
Gateway or any other mode as may be specified by the Board from time to time.]
165
[II. Payment of annual fee.—(1) On and from the commencement of the Securities
and Exchange Board of India (Custodian of Securities) (Second Amendment)
Regulations, 2006, the annual fee shall be payable with reference to each financial
year, within one month of completion of the financial year.
(2) A 166[custodian] who is granted registration on and after the commencement of
the Securities and Exchange Board of India (Custodian of Securities) (Second
Amendment) Regulations, 2006, shall pay proportionate annual fee in respect of the
financial year in which he was granted registration and full annual fee for every
subsequent financial year during which the registration subsists.
(3) A 167[custodian] who is granted registration before the commencement of the
Securities and Exchange Board of India (Custodian of Securities) (Second
Amendment) Regulations, 2006, shall pay proportionate annual fee in respect of the
financial year of such commencement and full annual fee for every subsequent
financial year during which the registration subsists.
160
Substituted for "0.0005 percent" by the SEBI (Payment of Fees) (Amendment) Regulations, 2009, w.e.f. 01-07-
2009.
161
Substituted for the figure "0.00025" by SEBI (Payment of Fees) (Amendment) Regulations 2014, w.e.f.
23.05.2014.
162
2018, w.e.f. 1-1-2019.
163
Substituted ibid.
164
Substituted by the Securities and Exchange Board of India (Payment of Fees and Mode of Payment) (Amendment)
Regulations, 2023, w.e.f, 1-4-2023. Prior to its substitution, clause I read as-
“I. The fees specified above shall be payable *[by way of direct credit in the bank account through
NEFT/RTGS/IMPS or any other mode allowed by RBI or] by demand draft or bankers cheque in favour of "The
Securities and Exchange Board of India" at Mumbai.
*[ Inserted by the SEBI (Payment of Fees and Mode of Payment) (Amendment) Regulations, 2017, w.e.f. 6-3-2017.]
165
Substituted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.
166
2018, w.e.f. 1-1-2019.
167
Substituted ibid.
Provided that any annual fee paid by a 168[custodian] before the commencement of
the Securities and Exchange Board of India (Custodian of Securities) (Second
Amendment) Regulations, 2006, in respect of a period, the whole or part of which
falls after such commencement, shall be proportionately adjusted against the amount
payable under this subparagraph.
(4) The payment of annual fee shall be accompanied by a statement of assets under
custody which shall be in such format as may be specified by the Board and shall be
certified to be true and complete by the functional head of the custody services of
the 169[custodian].]
THIRD SCHEDULE
(See regulation 12)
170
CODE OF CONDUCT
1. The 171[custodian] shall maintain the highest standard of integrity, fairness and
professionalism in the discharge of his duties.
2. The 172[custodian] shall be prompt in distributing dividends, interest or any such
accruals of income received or collected by him on behalf of his clients on the
securities held in custody.
3. The 173[custodian] shall be continuously accountable for the movement of
securities 174[or goods] in and out of 175[the] custody account, deposit, and
withdrawal of cash from the client's account and shall provide complete audit trail,
whenever called for by the client or 176[Board].
4. The 177[custodian] shall establish and maintain adequate infrastructural facility to
be able to discharge custodial services to the satisfaction of clients, and the operating
procedures and systems of the 155[custodian] shall be well documented and backed
by operations manuals.
5. The 155[custodian] shall maintain client confidentiality in respect of the client's
affairs.
168
2018, w.e.f. 1-1-2019.
169
Substituted ibid.
170
2018, w.e.f. 1-1-2019.
171
Substituted ibid.
172
2018, w.e.f. 1-1-2019.
173
Substituted ibid.
174
Inserted ibid.
175
2018, w.e.f. 1-1-2019.
176
Substituted for “Securities and Exchange Board of India” by the Securities and Exchange Board of India (Custodian
of Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-2019.
177
Substituted ibid.
6. Where custodian records are kept electronically, the 155[custodian] shall take
precautions necessary to ensure that continuity in record keeping is not lost or
destroyed and that sufficient back up of records is available.
7. The 155[custodian] shall create and maintain the records of securities held in
custody in such manner that the tracing of securities or obtaining duplicate title
documents is facilitated, in the event of loss of original records for any reason.
8. The 155[custodian] shall extend to other custodial entities, depositories and
clearing organizations all such co-operation that is necessary for the conduct of
business in the areas of inter custodial settlements, transfer of securities and transfer
of funds.
9. The 155[custodian] shall ensure that an arms length relationship is maintained, both
in terms of staff and systems, from his other businesses.
10. Every 155[custodian] shall exercise due diligence in safe-keeping and
administration of the assets of his clients in his custody for which he is acting as
155
[custodian].
178
[11. (a) A 155[custodian] or any of his employees shall not render, directly or
indirectly any investment advice about any security in the publicly accessible media,
whether real-time or non-real-time, unless a disclosure of his interest including long
or short position in the said security has been made, while rendering such advice.
(b) In case an employee of the 155[custodian] is rendering such advice, he shall also
disclose the interest of his dependent family members and employer including their
long or short position in the said security, while rendering such advice.]
*********
178
Inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29-5-2001.

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SECURITIES AND EXCHANGE BOARD OF INDIA

(CUSTODIAN) REGULATIONS, 1996

CHAPTER II: REGISTRATION OF CUSTODIANS OF SECURITIES

CHAPTER III: GENERAL OBLIGATIONS AND RESPONSIBILITIES OF

CHAPTER IV: INSPECTION AND AUDIT

CHAPTER V: PROCEDURE FOR ACTION IN CASE OF DEFAULT

CHAPTER VI: POWER TO RELAX STRICT ENFORCEMENT OF THE

33. Exemption from enforcement of the regulations in special cases.

FIRST SCHEDULE - FORMS

S.O.344(E).─In exercise of the powers conferred by section 30 of the Securities and

Short title and commencement.

Application for grant of certificate

Application to conform to requirements.

Furnishing of information, clarification, and personal representation.

Procedure and grant of certificate.

Procedure where certificate is not granted.

Effect of refusal to grant certificate.

Monitoring, review evaluating and inspecting systems and controls.

Separate custody account.

Agreement with the client.

Maintenance of records and documents and furnishing of information.

Information to the Board.

Board's right to inspect.

Notice before inspection.

Obligations of custodian on inspection by the Board.

Submission of report to the Board.

Board to recover the expenses.

Exemption from enforcement of the regulations in special cases.

Explanation. — For the purposes of these regulations, "regulatory sandbox" means

1. Name, address of the registered office, address for correspondence, telephone

We further agree that as a condition of registration, we shall abide by such

CERTIFICATE OF REGISTRATION AS 152[CUSTODIAN]

I. In exercise of the powers conferred by sub-section (1) of section 12 of the

Place: MUMBAI By order

(I) Application fee Rs.158[5,00,000]

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