Section 27 in Securities and Exchange Board of India (Custodian) Regulations, 1996
27. Cancellation of certificate.
- The Board may cancel 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).]:(a)when it is guilty of fraud or has been convicted of an offence involving moral turpitude; or(b)it has been guilty of repeated defaults of the nature specified in regulation 26Explanation.- In this regulation, "fraud" has the same meaning as is assigned to it in section 17 of the Indian Contract Act, 1872. (9 of 1872)
