Section 22 in Securities and Exchange Board of India (Custodian) Regulations, 1996
22. Notice before inspection.
(1)Before ordering an inspection under regulation 21 the Board shall give not less than ten days notice to 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).].(2)Notwithstanding anything contained in sub-regulation (1), where the Board is satisfied that in the interest of the investors no such notice should be given, it may by an order in writing direct that the inspection of the affairs of 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).] be taken up without such notice.(3)During the course of an inspection, 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).] against whom the inspection is being carried out shall be bound to discharge his obligations as provided in regulation 23.
