Section 26 in Securities and Exchange Board of India (Custodian) Regulations, 1996
26. Suspension of certificate.
- The Board may suspend the certificate granted to a [custodian] [Substituted 'custodian of securities' by Notification No. SEBI/LAD-NRO/GN/2019/01, dated 1.1.2019 (w.e.f. 16.5.1996).] where the [custodian] [Substituted 'custodian of securities' by Notification No. SEBI/LAD-NRO/GN/2019/01, dated 1.1.2019 (w.e.f. 16.5.1996).]:(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] [Substituted 'custodian of securities' by Notification No. SEBI/LAD-NRO/GN/2019/01, dated 1.1.2019 (w.e.f. 16.5.1996).] 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."(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.
