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THE GAZETTE OF EXTRAORDINARY PART –II – SECTION 3 – SUB SECTION (ii) PUBLISHED BY AUTHORITY SECURITIES AND EXCHANGE BOARD OF NOTIFICATION Mumbai, SECURITIES AND EXCHANGE BOARD OF (CUSTODIAN OF SECURITIES) (SECOND AMENDMENT) REGULATIONS,
2006 S.O No.1860(E). – In exercise of
the powers conferred by section 30 of the Securities and Exchange Board of
India Act, 1992 (15 of 1992), the Board hereby makes the following Regulations
to further amend the Securities and Exchange Board of India (Custodian of
Securities) Regulations, 1996, namely :- 1.
These Regulations may be called the
Securities and Exchange Board of India (Custodian of Securities) (Second Amendment)
Regulations, 2006. 2.
They shall come into force on the date of their publication
in the Official Gazette. 3.
In the Securities and Exchange Board of (i)
after regulation 9, the following
regulations shall be inserted, namely – “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. Renewal of certificate 9B. (1) A custodian of securities,
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.” (ii)
in regulation 15, the following proviso
shall be inserted, namely – “Provided
that a custodian of securities may engage the services of a person not being a
custodian, for the purpose of physical safekeeping of gold belonging to its
client being a mutual fund having a gold exchange traded fund scheme, subject
to the following conditions – (a)
the custodian of securities shall remain
responsible in all respects to its client for safekeeping of the gold kept with
such other person, including any associated risks; (b)
all books, documents and other records
relating to the gold 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 custodian
of securities shall continue to fulfill all duties to the clients relating to
the gold so kept with the other person, except for its physical safekeeping.” (iii)
in Second Schedule – a.
Part A shall be substituted with the
following, namely – “PART A AMOUNT TO BE PAID
AS FEES
Explanation I: For the purpose of this part, the expression ‘assets
under custody’ shall mean the value of the assets held by the custodian of
securities 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.” b.
in Part B, paragraph II shall be
substituted with the following, namely – “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 custodian of securities 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 custodian of securities 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: Provided that any
annual fee paid by a custodian of securities 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 sub-paragraph. (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
custody services of the custodian of securities.” F.No. SEBI/LAD/DOP/ 79054
/2006 M. DAMODARAN CHAIRMAN SECURITIES AND EXCHANGE BOARD OF Footnotes: (1)
The Securities and Exchange Board of India
(Custodian of Securities) Regulations, 1996, the Principal Regulations were
published in the Gazette of India on May 16, 1996 vide S.O. No. 344(E). (2)
The Securities and Exchange Board of India
(Custodian of Securities) Regulations, 1996 were subsequently amended – (a)
on (b)
on (c)
on (d)
on (e)
on (f)
on (g)
on (h)
on ************* |
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