Regulation 2 - Definitions - Securities and Exchange Board of India (Vault Managers) Regulations, 2021

Definitions 2. (1) In these regulations unless the context otherwise requires, the terms defined herein shall have the meanings assigned to them, and their cognate expressions shall be construed accordingly, - (a) Act means the Securities and Exchange Board of India Act, 1992 (15 of 1992) ; (b) Accredited refineries means refineries empanelled by the Stock Exchanges; (c) Assayer means a person engaged in the process of assessing the purity or quality of gold; (d) Beneficial Owner means a person whose name is recorded as such with a depository/depository participant; (e) Board means the Securities and Exchange Board of India established under section 3 of the Act; 1 [ (f) Change in control in case of a body corporate (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013); ] (g) Depositor means a person who owns the gold deposited with the vault for creation of Electronic Gold Receipt and its trading on recognized stock exchange; (h) Electronic Gold Receipt shall have the meaning assigned to it under the Securities Contracts (Regulation) Act, 1956 ; (i) Gold standard means the purity and standard of gold as specified by the recognized stock exchanges; (j) Nominated agencies means agencies nominated by the Directorate General of Foreign Trade for import of Gold under the Foreign Trade (Development and Regulation) Act, 1992 ; (k) Recognized vault means the premises encompassing strong room(s) set up and managed by the Vault Manager and which conforms with all the requirements specified by the Board for the purpose of providing vaulting services; (l) Vault Manager means any person who carries on or intends to carry on the business of providing vaulting services; (m) Vaulting service in relation to gold means the storage and safekeeping of gold deposited with the Vault Manager, by the depositor, for the purpose of trading in Electronic Gold Receipt and providing services incidental thereto, and includes- (i) utilizing the services of assayers empanelled with the Stock Exchanges for testing as per the gold standard, wherever required; (ii) coordination with depositories for creation, transfer and extinguishment of Electronic Gold Receipt; and (iii) providing deposit, storage and withdrawal services to the beneficial owners. (2) The words and expressions used and not defined in these regulations, but defined in the Act, the Securities Contracts (Regulation) Act, 1956, (42 of 1956) , the Companies Act, 2013 (18 of 2013) , the Depositories Act, 1996 , or any rules or regulations made thereunder, shall have the same meanings respectively assigned to them in those acts, rules or regulations, or any statutory modification or reenactment thereto, as the case may be. **************** NOTES:- 1. Substituted vide Notification No. SEBI/LAD-NRO/GN/2023/115 dated 17-01-2023 before it was read as, (f) Change in control , in relation to a Vault Manager being a body corporate, shall be construed with reference to: (i) the definition of control in terms of regulation 2(1)(e) of SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 as amended from time to time if its shares are listed on any recognized stock exchange; (ii) in any other case, change in the controlling interest in the body corporate; Explanation ─ For the purpose of sub-clause (ii), the expression controlling interest means- (A) an interest, whether direct or indirect, to the extent of at least fifty-one percent of voting rights in the body corporate; or (B) right to appoint majority of the directors or to control the management directly or indirectly;