Section 3 in Securities and Exchange Board of India (Custodian) Regulations, 1996
3. Application for grant of certificate.
(1)Any person proposing to carry on business 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).] on or after the commencement of these regulations shall make an application to the Board for grant of a certificate.(2)Any person who is carrying on business 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).] on the date of commencement of these regulations shall make an application to the Board for grant of certificate within a period of three months from the date of such commencement:Provided that the Board may, in special cases, where it is of the opinion that it is necessary to do so for reasons to be recorded in writing may extend the period up to a maximum of six months from the date of such commencement.(3)An application for grant of a certificate under sub-regulation (1) or subregulation (2) shall be made in Form A and shall be accompanied by an application fee as specified in Part A of the Second Schedule and be paid in the manner specified in Part B thereof.(4)Any person referred to in sub-regulation (2) who fails to make an application for grant of certificate within the period or the extended period specified therein, shall cease to carry on any activity 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).] and shall be subject to the directions of the Board with regard to the transfer of records, documents or securities relating to his 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).].
