Section 9 in Securities and Exchange Board of India (Custodian) Regulations, 1996
9. Conditions of certificate.
- The certificate granted to [custodian] [Substituted 'custodian of securities' by Notification No. SEBI/LAD-NRO/GN/2019/01, dated 1.1.2019 (w.e.f. 16.5.1996).] shall be subject to the following conditions, namely:-(a)it shall not commence any activities 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).] unless it fulfils the capital requirement specified in regulation 7;(b)it shall abide by the provisions of the Act and these regulations in the discharge of its functions 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).];(c)it shall enter into a valid agreement with its client for the purpose of providing custodial services;(d)it shall pay annual fees as specified in Part A of the Second Schedule in the manner specified in Part B thereof;(e)if any information previously submitted by it to the Board is found by it to be false or misleading in any material particular, or if there is any change in such information, it shall forthwith inform the Board in writing; and(f)besides providing custodial services, it shall not carry on any activity other than activities relating to rendering of financial services.
