Regulation 9 - Conditions of certificate. - Securities and Exchange Board of India (Custodian) Regulations, 1996

Conditions of certificate. 9. The certificate granted to 1 [ custodian ] shall be subject to the following conditions, namely:─ (a) it shall not commence any activities as 1 [ custodian ] unless it fulfils the capital requirement specified in regulation 7; 2 [ (aa) it shall obtain prior approval of the Board in case of change in control in such manner as specified by the Board; ] (b) it shall abide by the provisions of the Act and these regulations in the discharge of its functions as 1 [ 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. ********** Notes 1. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 before it was read as custodian of securities 2. Inserted vide Notification No. SEBI/LAD-NRO/GN/2023/115 dated 17-01-2023