(1) A 50[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.
11. Any 51[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 52[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 53[custodian].
CHAPTER III GENERAL OBLIGATIONS AND RESPONSIBILITIES OF CUSTODIANS Code of conduct.
12. Every 54[custodian] shall abide by the Code of Conduct as set out in the Third Schedule.
Segregation of activities.
13. Where a 55[custodian] is carrying on any activity besides that of acting as 56[custodian], then,—
(i) the activities relating to his business as 57[custodian] shall be separate and segregated from all other activities;
(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.