(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:
36[Provided that the Board may restrict the certificate of registration to providing custodial services either in respect of securities or 37[goods of a client or] in respect of gold or gold related instruments of a 38[mutual fund] 39[or title deeds of real estate assets held by a real estate mutual funds scheme].]
33 Substituted ibid for the words “custodian of securities.
34 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.
35 Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 1996, w.e.f. 4-12-1996.
36 Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.
37 Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-2019.
38 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.
39 Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.
40[(4) A 41[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 of a mutual fund only after taking prior approval of the Board.]
42[(5) A 43[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[(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.]
Conditions of certificate.
9. The certificate granted to 45[custodian] shall be subject to the following conditions, namely :─
(a) it shall not commence any activities as 46[custodian] unless it fulfils the capital requirement specified in regulation 7;
(b) it shall abide by the provisions of the Act and these regulations in the discharge of its functions as 47[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.
40 Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2006, w.e.f. 12-1-2006.
41 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.
42 Inserted by the SEBI (Custodian of Securities) (Amendment) Regulations, 2008, w.e.f. 4-7-2008.
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 Inserted by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2018, w.e.f. 1-1-2019.
45 Substituted ibid for the words “custodian of securities”.
46 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.
47 Substituted ibid for the words “custodian of securities”.
48[49[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.]
50[***]] Procedure where certificate is not granted.