Securities And Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2008 - 11/LC/GN/15/2008/130775 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 4 th July, 2008 No. 11/LC/GN/15/2008/130775.- 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) (Amendment) Regulations, 2008. 2. They shall come into force on the date of their publication in the Official Gazette. 3. In the Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996- (i) in regulation 2, for clause (e), the following clause shall be substituted, namely :- (e) custodial services in relation to securities of a client or gold or gold related instruments held by a mutual fund or title deeds of real estate assets held by a real estate mutual fund scheme in accordance with the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 means, safekeeping of such securities or gold or gold related instruments or title deeds of real estate assets and providing services incidental thereto, and includes- (i) maintaining accounts of securities or gold or gold related instruments or title deeds of real estate assets of a client; (ii) collecting the benefits or rights accruing to the client in respect of securities or gold or gold related instruments or title deeds of real estate assets; (iii) keeping the client informed of the actions taken or to be taken by the issuer of securities, having a bearing on the benefits or rights accruing to the client; and (iv) maintaining and reconciling records of the services referred to in sub-clauses (i) to (iii). (ii) in regulation 6, in sub-regulation (1), in clause (ba), after the words in respect of gold or gold related instruments of a mutual fund , the words or title deeds of a real estate assets held by a real estate mutual funds scheme shall be inserted. (iii) in regulation 8- (1) in sub-regulation (3), in proviso, after the words gold or gold related instruments of a client , the words or title deeds of real estate assets held by a real estate mutual fund scheme shall be inserted. (2) after sub-regulation (4), the following sub-regulation shall be inserted, namely :- (5) A custodian of securities holding a certificate of registration as on the date of commencement of the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2008 may provide custodial services in respect of title deeds of real estate assets held by a real estate mutual fund scheme. (iv) in regulation 17, in clause (a), after the words will accept or release securities , comma and the words , assets or documents shall be inserted. (v) in regulation 18, in sub-regulation (2), after the words to ensure that such securities , comma and the words , assets or documents shall be inserted. (vi) in regulation 19, in sub-regulation (1), in clause (a), after the words records containing details of securities , comma and the words , assets or documents shall be inserted. C.B. BHAVE, Chairman [ADVT III/4/69-ZB/2008/Exty.] 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 No. S.O.344(E). (2) The Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996 were subsequently amended-- (a) on December 4, 1996 by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 1996 Vide No.S.O.851(E). (b) on October 17, 1997 by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 1997 Vide No.S.O.732(E). (c) on January 5, 1998 by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 1998 vide No.S.O.17(E). (d) on March 28, 2000 by the Securities and Exchange Board of India (Appeal to the Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide No. S.O.278(E). (e) on May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide No. S.O.476(E). (f) on September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide No.S.O.1045(E). (g) on March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper Person) Regulations, 2004 vide No.S.O.398(B). (h) on January 12, 2006 by the Securities and Exchange Board of India (Custodian of Securities) (Amendment) Regulations, 2006 vide No.S.O.39(E). (i) on October 31, 2006 by the Securities and Exchange Board of India (Custodian of Securities) (Second Amendment) Regulations, 2006 vide No. S.O.1860(E). (j) on March 31, 2008 by the Securities and Exchange Board of India (Payment of Fees) (Amendment) Regulations, 2008 vide F. No. 11/LC/GN/2008/21669.