SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN) REGULATIONS, 1996

17A · Dispute Resolution.

19A · Appointment of Compliance Officer.

19B · Obligations and responsibilities.

25A · Appointment of Auditor.

25B · Board to recover the expenses.

26 · Liability for action in case of default.

1 · [SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN) REGULATIONS, 1996]

3 · [(ba) Change in control" in case of a body corporate –

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. 1-12019.

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. 1-12019.

3 · Inserted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 w.e.f. 17-1-2023.

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—

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 · 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.

7 · Substituted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-72008. Prior to substitution, clause (e), as amended by SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-12006, read as under:

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. 25-42022.

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 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022. w.e.f. 25-42022

14 · [or silver or silver related instruments] or title deeds of real estate assets of a client;

15 · [(ia) undertaking activities as a Domestic Depository in terms of the Companies (Issue of Indian Depository Receipts) Rules, 2004;]

18 · [(iiia) keeping the client informed of the actions taken or to be taken with respect to the goods held on its behalf;] and

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;]

23 · [(k) "securities" shall have the meaning assigned to it in clause (h) of section 2 of the Securities Contracts (Regulation) Act, 1956.]

13 · Inserted ibid.

14 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022. w.e.f. 25-42022.

15 · Inserted by the SEBI (Facilitation of Issuance of Indian Depository Receipts) (Amendment) Regulations, 2009 with effect from 19 -6 -2009.

16 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

17 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022. w.e.f. 25-42022 .

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 · Substituted ibid for the words "custodian of securities".

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,

22 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 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.

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.

24 · 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.

25 · Substituted ibid for the words "custodian of securities".

26 · 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.

27 · Substituted ibid for the words "custodian of securities".

28 · 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 · (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: —

32 · [(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 33 [goods of a client or] 34 [gold or gold related instruments or silver or silver related instruments held by a mutual fund] 35 [or title deeds of a real estate assets held by a real estate mutual funds scheme], where applicable];

37 · [(gg)the applicant is a fit and proper person;] and

29 · Substituted ibid for the words "custodian of securities".

30 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 24-032026 .

31 · 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.

32 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.

33 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

34 · 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.

35 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.

36 · 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.

37 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 1998, w.e.f. 5-1-1998.

38 · [Criteria for fit and proper person.

6A · For the purpose of determining whether an applicant or the 39 [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.]

41 · [Provided that the custodian shall fulfill the net worth requirements under these regulations, separately and independently, of the capital adequacy requirements, if any, for each activity undertaken by it under the relevant regulations.

38 · 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:

39 · 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.

40 · Substituted for the word "fifty" by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 24-03-2026 .

41 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 2403 -2026 .

42 · Substituted ibid for the words "custodian of securities.

43 · 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.

44 · [Provided that the period specified above may be extended by the Board upto a maximum of 5 years;]

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.

45 · [Provided that the Board may restrict the certificate of registration to providing custodial services either in respect of securities or 46 [goods of a client or] in respect of 47 [gold or gold related instruments or silver or silver related instruments held by a mutual fund] 48 [or title deeds of real estate assets held by a real estate mutual funds scheme].]

49 · [(4) A 50 [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 5 51 [held by a mutual fund} only after taking prior approval of the Board.]

52 · [(5) A 53 [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, 2008 may provide custodial services in respect of title deeds of real estate assets held by a real estate mutual fund scheme.]

44 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 1996, w.e.f. 4-12-1996.

45 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.

46 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

47 · 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 .

48 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.

49 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.

50 · 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.

51 · Substituted for the words "of a mutual fund" by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-4-2022 .

52 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.

53 · 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.

54 · [(6) A 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, 2018, may provide custodial services in respect of goods only after taking prior approval of the Board.]

55 · [(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.]

58 · [(aa) it shall obtain prior approval of the Board in case of change in control in such manner as specified by the Board;]

60 · [(f) besides providing custodial services, it may carry on any activity relating to rendering of financial services;

54 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

55 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-42022 .

56 · Substituted ibid for the words "custodian of securities".

57 · 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.

58 · Inserted by the Securities and Exchange Board of India (Change in Control in Intermediaries) (Amendment) Regulations, 2023 w.e.f. 17-1-2023.

59 · Substituted ibid for the words "custodian of securities".

60 · Substituted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 2403 -2026 . Prior to its substitution, clause (f) read as under-

61 · [ 62 ]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.]

63 · [***]]

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 reject the application after giving the applicant a reasonable opportunity of being heard.

11 · Any 64 [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-

61 · Inserted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.

62 · Substituted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2019, w.e.f. 223 -2019. Prior to substitution the regulation read as below:

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.

63 · Omitted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2019, w.e.f.22-32019. Prior to omission the regulation read as below:

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

64 · Substituted ibid for the words "custodian of securities".

12 · Every 67 [custodian] shall abide by the Code of Conduct as set out in the Third Schedule.

71 · [ Provided that the provisions of clause (i) and (ii) shall, subject to such conditions as may be specified by the Board, not apply to a Custodian . ]

14 · (1) Every 72 [custodian] shall have adequate mechanisms for the purposes of reviewing, monitoring and evaluating the custodian's controls, systems, procedures and safeguards.

65 · 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.

66 · 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.

67 · Substituted ibid for the words "custodian of securities".

68 · 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.

69 · Substituted ibid for the words "custodian of securities".

70 · 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.

71 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 24-032026.

72 · Substituted ibid for the words "custodian of securities".

73 · 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.

15 · No 74 [custodian] shall assign or delegate its functions as a 75 [custodian] to any other person unless such person is a 76 [custodian]: 77 [Provided that a 78 [custodian] may engage the services of a person not being a custodian, for the purpose of physical safekeeping of 79 [goods or] gold 80 [or silver] belonging to its client 81 [including] a mutual fund having a gold exchange traded fund scheme 82 [or a silver exchange traded fund scheme] , subject to the following conditions — (a) the 83 [custodian] shall remain responsible in all respects to its client for safekeeping of the 84 [goods or] gold 85 [or silver] kept with such other person, including any associated risks; (b) all books, documents and other records relating to the 86 [goods or] gold 87 [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 88 [custodian] shall continue to fulfill all duties to the clients relating to the 89 [goods or] gold 90 [or silver] so kept with the other person, except for its physical safekeeping.]

74 · 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.

75 · Substituted ibid for the words "custodian of securities".

76 · 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.

77 · Inserted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.

78 · 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.

79 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

82 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-42022.

83 · 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.

84 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

85 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-42022.

87 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-42022.

88 · 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.

89 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

90 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2022, w.e.f. 25-42022.

16 · Every 91 [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.

101 · [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.]

18 · (1) Every 102 [custodian] shall have adequate internal controls to prevent any manipulation of records and documents including audits for securities 103 [, goods]

91 · Substituted ibid for the words "custodian of securities".

92 · 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.

93 · Substituted ibid for the words "custodian of securities".

94 · 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.

95 · Inserted ibid.

96 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.

97 · 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.

98 · Substituted ibid for the words "custodian of securities".

99 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

100 · Substituted ibid for the words "custodian of securities".

101 · Inserted by the Securities and Exchange Board of India (Alternative Dispute Resolution Mechanism) (Amendment) Regulations, 2023, w.e.f., 04-07-2023.

102 · 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.

103 · Inserted ibid.

113 · [Appointment of compliance officer.

19A · (1) Every 114 [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.

104 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

105 · Substituted ibid for the words "custodian of securities".

106 · Inserted ibid.

107 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.

108 · 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.

109 · Inserted ibid.

110 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.

111 · 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.

112 · Substituted ibid for the words "custodian of securities".

113 · Inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29-5-2001.

114 · 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.

115 · [ Obligations and responsibilities.

19B · The custodian shall be required to meet obligations and discharge responsibilities, in the manner specified by the Board from time to time, to ensure:

119 · [Investor Charter.

20A · The custodian shall ensure compliance with the Investor Charter specified by the Board from time to time.]

115 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 2403 -2026.

116 · Substituted ibid for the words "custodian of securities".

117 · 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.

118 · 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.

119 · Inserted by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 w.e.f. 10 -02 -2025.

120 · Substituted ibid for the words "custodian of securities".

22 · (1) Before ordering an inspection under regulation 21 the Board shall give not less than ten days notice to the 125 [custodian] .

23 · (1) It shall be the duty of the 128 [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 129 [custodian], as the inspecting officer may require, within such reasonable period as the inspecting officer may specify.

121 · 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.

122 · 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.

123 · Substituted ibid for the words "custodian of securities".

124 · 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.

125 · Substituted ibid for the words "custodian of securities".

126 · 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.

127 · 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.

128 · Substituted ibid for the words "custodian of securities".

129 · 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.

130 · Substituted ibid for the words "custodian of securities".

134 · [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 135 [Chapter V of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008].]

136 · [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.

131 · 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.

132 · Substituted ibid for the words "custodian of securities".

134 · 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:

135 · 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.

136 · Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 1997, w.e.f. 17-10-1997.

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.]

137 · [Liability for action in case of default.

137 · 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:

138 · 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.

139 · Substituted ibid for the words "custodian of securities".

140 · 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.

144 · [SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN) REGULATIONS, 1996]

141 · 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.

142 · Inserted by the SEBI (Regulatory Sandbox) (Amendment) Regulations, 2020, w.e.f. 17-04-2020.

143 · The words "in technological aspects" omitted by the Securities and Exchange Board of India (Regulatory Sandbox) (Amendment) Regulations, 2021, w.e.f. 03-08-2021.

144 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

145 · Substituted ibid for the words "custodian of securities".

146 · 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.

147 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

148 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

149 · Substituted for the words "attested as true by an authorised notary " by the Securities and Exchange Board of India (Attestation of Documents) (Amendment) Regulations, 2024, w.e.f. 28-11-2024 .

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.

154 · [(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 155 [custodian]:

150 · Substituted ibid for the words "custodian of securities".

151 · 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.

152 · 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.

153 · Substituted ibid for the words "custodian of securities".

154 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019. Prior to such substitution, sub -clause (iv) read as –

155 · 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.

156 · Inserted ibid.

157 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

158 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

159 · [SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN) REGULATIONS, 1996]

159 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

160 · Substituted ibid for the words "custodian of securities".

161 · 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.

162 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019

164 · [SECURITIES AND EXCHANGE BOARD OF INDIA

165 · [PART A

166 · [5,00,000]

167 · [50,00,000]

168 · [ 169 [0.0005] per cent] of the "assets under custody" of the 170 [custodian] , whichever is higher.

172 · [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.] 173 [II. Payment of annual fee.—(1) On and from the commencement of the Securities and Exchange Board of India (Custodian of Securities) (Second Amendment)

163 · 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.

164 · Substituted ibid.

165 · Substituted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.

166 · Substituted for the figure "1,00,000" by SEBI (Payment of Fees) (Amendment) Regulations 2014, w.e.f. 23.05.2014.

167 · Substituted for the figure "15,00,000", ibid.

168 · Substituted for "0.0005 percent" by the SEBI (Payment of Fees) (Amendment) Regulations, 2009, w.e.f. 01-072009.

169 · Substituted for the figure "0.00025" by SEBI (Payment of Fees) (Amendment) Regulations 2014, w.e.f. 23.05.2014.

170 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

171 · Substituted ibid.

172 · 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-

173 · Substituted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006.

174 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

175 · Substituted ibid.

176 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

177 · Substituted ibid.

178 · [SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN) REGULATIONS, 1996]

178 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

179 · Substituted ibid.

180 · Substituted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

181 · Substituted ibid.

182 · Inserted ibid.

183 · Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1 -1 -2019.

184 · 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.

185 · Substituted ibid.

186 · [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.

187 · [ 12. The custodian shall abide by the provisions of the Act, rules, regulations, circulars and directions issued by the Board and the Reserve Bank of India from time to time, as may be applicable to a custodian. The custodian shall also comply with bye-laws, rules and regulations of Depositories and Clearing Corporation as may be applicable to a custodian.

186 · Inserted by the SEBI (Investment Advice by Intermediaries) (Amendment) Regulations, 2001, w.e.f. 29-5-2001.

187 · Inserted by the Securities and Exchange Board of India (Custodian) (Amendment) Regulations, 2025, w.e.f. 2403 -2026.

22 · The custodian shall ensure that the Board is promptly informed about any action, legal proceedings, etc., initiated against it in respect of material breach or noncompliance by it, of any law, rules, regulations, directions of the Board or of any other regulatory body.

23 · The custodian shall be responsible for the acts or omissions of its employees and agents in respect of the conduct of its business.

24 · The custodian shall make all efforts to protect the interests of its clients and shall act in the best interest of its clients.

25 · The custodian shall provide adequate freedom and powers to its compliance officer for the effective discharge of his duties.

26 · The custodian shall ensure that the senior management, particularly decision makers have access to all relevant information about the business on a timely basis.]