Section 16B in Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993
16B. [ Appointment of custodian. [Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2006, w.e.f. 05-07-2006.]
(1)Every portfolio manager shall appoint a custodian in respect of securities managed or administered by it.(2)Nothing contained in this regulation shall apply to a portfolio manager-(a)who has total assets under management of value less than five hundred crore rupees; or(b)who performs purely advisory functions.](3)[ Every Portfolio Manager who deals in commodity derivatives shall appoint a custodian.] [Inserted by Notification No. SEBI/LAD-NRO/GN/2019/17, dated 10.5.2019 (w.e.f. 7.1.1993).]
