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[Cites 0, Cited by 0] [Section 7(2)] [Section 7] [Entire Act]

Securities And Exchange Board Of India - Subsection

Section 7(2)(a) in Securities and Exchange Board of India (Custodian) Regulations, 1996

(a)has been approved by the Board under the provisions of Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, or the Government of India Guidelines for Foreign Institutional Investors dated September 14, 1992, even if it does not have the net worth specified in sub-regulation (1) may continue to function as 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).] and shall within a period of one year from the date of commencement of these regulations raise its net worth to that specified in sub-regulation (1);