Home Acts & Rules SEBI Regulation Securities and Exchange Board of India (Custodian) Regulations, 1996 Chapters List Chapter V PROCEDURE FOR ACTION IN CASE OF DEFAULT This
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Regulation 26 - Liability for action in case of default - Securities and Exchange Board of India (Custodian) Regulations, 1996Extract CHAPTER V PROCEDURE FOR ACTION IN CASE OF DEFAULT 1 [Liability for action in case of default. 26. A 2 [ custodian ] who- (a) contravenes any of the provisions of the Act, the rules framed thereunder or these regulations; (b) fails to furnish any information relating to his activity as 2 [ custodian ] as required by the Board; (c) furnishes to the Board information which is false and misleading in any material particular; (d) does not submit periodic returns or reports as required by the Board; (e) does not co-operate in any enquiry or inspection conducted by the Board; ********** 1 Substituted by the SEBI (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002, w.e.f. 27-9-2002. Prior to its substitution, regulation 26 read as under: 26. Suspension of certificate.─ The Board may suspend the certificate granted to a custodian of securities where the custodian of securities: (a) contravenes any of the provisions of the Act, the rules framed thereunder or these regulations; (b) fails to furnish any information relating to his activity as custodian of securities as required by the Board; (c) furnishes to the Board information which is false and misleading in any material particular; (d) does not submit periodic returns or reports as required by the Board; (e) does not co-operate in any enquiry or inspection conducted by the Board; (f) fails to update its systems and procedures as recommended by the Board; (g) fails to resolve the complaints of clients or fails to give a satisfactory reply to the Board in this behalf; (h) is guilty of misconduct or makes a breach of the Code of Conduct specified in the Third Schedule; (i) fails to pay annual fees. 2. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 before it was read as custodian of securities
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