(1) Any person proposing to carry on business as 19[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 20[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 21[custodian] and shall be subject to the 17 Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-2019.
18 Inserted ibid.
19 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.
20 Substituted ibid for the words “custodian of securities”.
21 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.
directions of the Board with regard to the transfer of records, documents or securities relating to his activities as 22[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.