## Policy Analysis Report: Securities and Exchange Board of India Custodian Amendment Regulations, 2022
**1. Executive Summary:**
This report analyzes the Securities and Exchange Board of India (SEBI) Custodian Amendment Regulations, 2022, as published in the Gazette of India on April 25, 2022. This amendment primarily expands the scope of permissible assets that custodians can handle to include silver and silver-related instruments held by mutual funds. The key finding is that the amendment aims to facilitate the inclusion of silver as a viable asset class within the mutual fund industry and clarify the regulatory framework for its custodial management.
**2. Introduction:**
This report provides an informative analysis of the Securities and Exchange Board of India Custodian Amendment Regulations, 2022, based solely on the provided policy text. It aims to provide stakeholders in the securities market with a clear understanding of the changes introduced by this amendment.
**3. Policy Overview:**
* This is an amendment to the Securities and Exchange Board of India Custodian Regulations, 1996.
* Core Objective(s) (as inferred from the text): The core objective of this amendment is to expand the scope of the existing regulations to include silver and silver-related instruments within the purview of custodian services, specifically when held by mutual funds. This facilitates the inclusion of silver as an asset class for mutual funds.
**4. Background and Rationale:**
This amendment likely stems from a desire to broaden investment options for mutual funds and investors. The inclusion of silver and silver-related instruments suggests a response to market demand or a recognition of silver's potential as an investment asset class. The changes appear designed to ensure that the existing regulatory framework for custodians adequately covers the custodial management of silver assets, thereby providing investor protection and market integrity.
**5. Key Provisions / Changes:**
This amendment introduces the following key changes to the Securities and Exchange Board of India Custodian Regulations, 1996:
* **Regulation 2 (Definition of Securities):** Clause e of Regulation 2 is amended to include "or silver or silver related instruments" after the words "gold or gold related instruments" in multiple instances, specifically relating to assets held by mutual funds and before references to title deeds of real estate assets.
* **Effect:** This expands the definition of "securities" that custodians are permitted to handle to explicitly include silver and silver-related instruments.
* **Regulation 6 (Obligations of Custodians):** Sub-regulation 1, clause ba of Regulation 6 is amended to substitute "gold or gold related instruments of a mutual fund" with "gold or gold related instruments or silver or silver related instruments held by a mutual fund."
* **Effect:** This clarifies that the obligations of custodians extend to silver and silver-related instruments held by mutual funds.
* **Regulation 8 (Inspection of Custodians):**
* Sub-regulation 3's proviso is amended to substitute "gold or gold related instruments of a mutual fund" with "gold or gold related instruments or silver or silver related instruments held by a mutual fund."
* Sub-regulation 4 is amended to substitute "of a mutual fund" with "held by a mutual fund".
* A new subregulation 7 is inserted, stating that custodians already registered as of the commencement date of this amendment must obtain prior approval from the Board before providing custodial services for silver or silver-related instruments held by a mutual funds.
* **Effect:** Extends the scope of inspection to silver and silver-related instruments. Moreover, it introduces a requirement for existing custodians to obtain prior approval from the Board before providing services for silver assets.
* **Regulation 15 (Segregation of Assets):** The proviso to Regulation 15 is amended to include "or silver" after "gold" in multiple clauses relating to segregation of assets belonging to clients and exchange-traded fund schemes, and also to include "or a silver exchange traded fund scheme" after "gold exchange traded fund scheme."
* **Effect:** Extends the requirement of segregation of assets to include silver assets, ensuring client assets are protected.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* Custodians of Securities registered with SEBI.
* Mutual Funds.
* Investors in Mutual Funds.
* Securities and Exchange Board of India (SEBI).
**7. Implementation Aspects (Inferred):**
* **Responsible Agency:** The Securities and Exchange Board of India (SEBI) is the responsible agency for implementing and enforcing these regulations.
* **Timelines:** The amendment comes into force on the date of its publication in the Official Gazette (April 25, 2022).
* **Procedure:** Existing custodians must seek prior approval from SEBI before providing custodial services for silver and silver-related instruments. The process for obtaining this approval is not detailed in the provided text but likely involves an application to SEBI demonstrating the custodian's capacity to handle these assets.
**8. Expected Outcomes / Impact of Changes:**
The intended outcomes of these changes include:
* Increased investment options for mutual funds, potentially leading to diversification and new investment opportunities for investors.
* Clarity in the regulatory framework for custodians managing silver assets, ensuring investor protection and market integrity.
* A controlled and phased approach to the inclusion of silver, with existing custodians required to obtain prior approval, allowing SEBI to assess their readiness and capabilities.
* Enhanced investor confidence in silver exchange traded fund schemes because of the increased clarity regarding custodial responsibilities.
**9. Conclusion:**
The Securities and Exchange Board of India Custodian Amendment Regulations, 2022, represents a significant step towards integrating silver and silver-related instruments into the regulated investment landscape. By explicitly including silver within the scope of custodian services, the amendment promotes market development while ensuring adequate investor protection. The requirement for existing custodians to seek prior approval underscores SEBI's cautious approach to expanding the asset classes under custodial management, fostering a stable and well-regulated market.
Key Entities Referenced
Securities and Exchange Board of India: Regulatory body in India for securities and commodity market.
New Delhi: Capital of India
Mumbai: City in Maharashtra, India; location of Securities and Exchange Board of India notification.
Securities and Exchange Board of India Act, 1992: Act of the Indian Parliament that established the Securities and Exchange Board of India.
Securities and Exchange Board of India Custodian Regulations, 1996: Regulations pertaining to custodians of securities in India.
Securities and Exchange Board of India Custodian Amendment Regulations, 2022: Amendment regulations to the Securities and Exchange Board of India Custodian Regulations, 1996.
Official Gazette: A gazette is an official journal of record
Securities and Exchange Board of India Custodian of Securities Regulations, 1996: Original regulations that are being amended.
Securities and Exchange Board of India Custodian of Securities Amendment Regulations, 1996: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Custodian of Securities Amendment Regulations, 1997: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Custodian of Securities Amendment Regulations, 1998: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Appeal to the Securities Appellate Tribunal Amendment Regulations, 2000: Amendment regulations to the Securities and Exchange Board of India Appeal to the Securities Appellate Tribunal
Securities and Exchange Board of India Investment Advice by Intermediaries Amendment Regulations, 2001: Amendment regulations to the Securities and Exchange Board of India Investment Advice by Intermediaries
Securities and Exchange Board of India Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty Regulations, 2002: Regulations of the Securities and Exchange Board of India regarding procedures for holding inquiries and imposing penalties.
Securities and Exchange Board of India Criteria for Fit and Proper Person Regulations, 2004: Regulations of the Securities and Exchange Board of India establishing criteria for a 'fit and proper person'.
Securities and Exchange Board of India Custodian of Securities Amendment Regulations, 2006: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Custodian of Securities Second Amendment Regulations, 2006: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2008: Amendment regulations to the Securities and Exchange Board of India regarding payment of fees.
Securities and Exchange Board of India Custodian of Securities Amendment Regulations, 2008: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Facilitation of Issuance of Indian Depository Receipts Amendment Regulations, 2009: Amendment regulations to the Securities and Exchange Board of India regarding facilitation of issuance of Indian Depository Receipts
Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2009: Amendment regulations to the Securities and Exchange Board of India regarding payment of fees.
Securities and Exchange Board of India Payment of Fees Amendment Regulations, 2014: Amendment regulations to the Securities and Exchange Board of India regarding payment of fees.
Securities and Exchange Board of India Payment of Fees and Mode of Payment Amendment Regulations, 2017: Amendment regulations to the Securities and Exchange Board of India regarding payment of fees and mode of payment.
Securities and Exchange Board of India Custodian of Securities Amendment Regulations, 2018: Amendment regulations to the Securities and Exchange Board of India Custodian of Securities Regulations, 1996
Securities and Exchange Board of India Regulatory Sandbox Amendment Regulations, 2020: Amendment regulations to the Securities and Exchange Board of India regarding regulatory sandbox.
Regulatory Sandbox Amendment Regulations, 2021: Amendment regulations regarding regulatory sandbox.
Madhabi Puri Buch: Chairman of Securities and Exchange Board of India
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99
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असाधारण
EXTRAORDINARY
भाग III—खण् ड 4
PART III—Section 4
प्राजधकार स ेप्रकाजित
PUBLISHED BY AUTHORITY
स.ं 226] िई ददल्ली, सोमिार, अप्रैल 25, 2022/ ििै ाख 5, 1944
No. 226] NEW DELHI, MONDAY, APRIL 25, 2022/VAISAKHA 5, 1944
भारतीय प्रजतभजू त और जिजिमय बोडड
अजधसचू िा
म ंबई, 25 अप्रैल, 2022
भारतीय प्रजतभजू त और जिजिमय बोडड (अजभरक्षक) (सिं ोधि) जिजियम, 2022
फा. स.ं सबे ी/एलएडी-एिआरओ/िीएि/2022/81.—बोडड, भारतीय प्रजतभूजत और जिजिमय बोडड अजधजियम,
1992 (1992 का 15) की धारा 11 की उप-धारा (2) के खडं (खक) के साथ पठित धारा 30 द्वारा प्रदाि की गई िजियों
का प्रयोग करते हुए, एतद्द्वारा भारतीय प्रजतभूजत और जिजिमय बोडड (अजभरक्षक) जिजियम, 1996 का और संिोधि करि े
के जलए जिम्नजलजखत जिजियम बिाता है, अथाडत ्-
1. इि जिजियमों को भारतीय प्रजतभूजत और जिजिमय बोड ड(अजभरक्षक) (संिोधि) जिजियम, 2022 कहा िा सकेगा ।
2. ये जिजियम रािपत्र म ेंइिके प्रकािि की तारीख को लाग ूहोंगे ।
3. भारतीय प्रजतभूजत और जिजिमय बोडड (अजभरक्षक) जिजियम, 1996 म,ें -
I. जिजियम 2 म,ें-
i. खंड (ङ) म,ें
क. िब्दों तथा जचह्िों “पारस्ट्पठरक जिजध (म्यूच अल फंड) द्वारा धाठरत स्ट्िणड या स्ट्िण ड संबंधी
जलखतों (इन्स्ट्स्ट्ूमेंट्स) या ठरयल इस्ट्टेट म्यूच अल फंड स्ट्कीम” के स्ट्थाि पर, िब्द तथा
जचह्ि “म्यूचअ ल फंड (पारस्ट्पठरक जिजध) द्वारा धाठरत सोि े (स्ट्िणड) या सोिे स े संबंजधत
2851 GI/2022 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
जलखतों (इंस्ट्ूमेंट्स) अथिा चााँदी या चााँदी से संबंजधत जलखतों अथिा ठरयल इस्ट्टेट
म्यूच अल फंड स्ट्कीम” आ िाएगं े।
ख. िब्दों “ऐसी प्रजतभूजतयों या िस्ट्त ओं अथिा स्ट्िण ड या स्ट्िण ड सबं ंधी जलखतों अथिा ठरयल
इस्ट्टेट संबंधी आजस्ट्तयों” के स्ट्थाि पर, िब्द “ऐसी प्रजतभूजतयों या िस्ट्तओं अथिा सोि े या
सोिे से संबंजधत जलखतों अथिा चााँदी या चााँदी से संबंजधत जलखतों अथिा ठरयल इस्ट्टेट
संबंधी आजस्ट्तयों” आ िाएगं े।
ग. उप-खंड (i) एिं (ii) म,ें िब्दों “स्ट्िणड या स्ट्िण ड संबंधी जलखतों अथिा ठरयल इस्ट्टेट संबंधी
आजस्ट्तयों” के स्ट्थाि पर, िब्द “सोिे या सोिे से संबंजधत जलखतों अथिा चााँदी या चााँदी स े
संबंजधत जलखतों अथिा ठरयल इस्ट्टेट संबंधी आजस्ट्तयों” आ िाएंगे ।
II. जिजियम 6 म,ें उप-जिजियम (1) म,ें खंड (खक) म,ें िब्दों तथा जचह्िों “पारस्ट्पठरक जिजध (म्यूच अल
फंड) की स्ट्िणड (गोल्ड) या स्ट्िणड संबंधी जलखतों (इंस्ट्ूमेंट्स)” के स्ट्थाि पर, िब्द तथा जचह्ि “म्यूच अल
फंड (पारस्ट्पठरक जिजध) द्वारा धाठरत सोिे या सोिे से संबंजधत जलखतों (इंस्ट्ूमेंट्स) अथिा चााँदी या
चााँदी से संबंजधत जलखतों” आ िाएंगे ।
III. जिजियम 8 म,ें-
i. उप-जिजियम (3) म,ें परंत क म,ें िब्दों तथा जचह्िों “या ग्राहक की स्ट्िणड (गोल्ड) या स्ट्िण ड
संबंधी जलखतों (इंस्ट्ूमेंट)” के स्ट्थाि पर, िब्द तथा जचह्ि “अथिा म्यूच अल फंड (पारस्ट्पठरक
जिजध) द्वारा धाठरत सोि े या सोिे से संबंजधत जलखतों (इंस्ट्ूमेंट्स) अथिा चााँदी या चााँदी स े
संबंजधत जलखतों” आ िाएंग;े
ii. उप-जिजियम (4) के स्ट्थाि पर जिम्नजलजखत उप-जिजियम आ िाएगा, अथाडत,् -
“(4) जिस अजभरक्षक (कस्ट्टोजडयि) के पास भारतीय प्रजतभूजत और जिजिमय बोड ड (प्रजतभूजत
अजभरक्षक) (संिोधि) जिजियम, 2006 के प्रारंभ की तारीख को रजिस्ट्रीकरण प्रमाणपत्र हो,
िह म्यूच अल फंड (पारस्ट्पठरक जिजध) द्वारा धाठरत सोि े या सोिे से संबंजधत जलखतों
(इंस्ट्ूमेंट्स) के संबंध में अजभरक्षक सेिाएाँ बोडड की पूिड मंिूरी लेिे के बाद ही प्रदाि कर
सकेगा ।”
iii. उप-जिजियम (6) के बाद, जिम्नजलजखत उप-जिजियम िोडा िाएगा, अथातड ,् -
“(7) जिस अजभरक्षक (कस्ट्टोजडयि) के पास भारतीय प्रजतभूजत और जिजिमय बोड ड(अजभरक्षक)
(संिोधि) जिजियम, 2022 के प्रारंभ की तारीख को रजिस्ट्रीकरण प्रमाणपत्र हो, िह म्यूच अल
फंड (पारस्ट्पठरक जिजध) द्वारा धाठरत चााँदी या चााँदी स े संबंजधत जलखतों (इंस्ट्ूमेंट्स) के संबंध
में अजभरक्षक सेिाएाँ बोडड की पिू ड मंिूरी लेि े के बाद ही प्रदाि कर सकेगा ।”
IV. जिजियम 15 म,ें परंत क म,ें -
i. िब्दों तथा जचह्िों “स्ट्िण ड (गोल्ड) को स रजक्षत रखि े (की भौजतक स रक्षा)” के स्ट्थाि पर, िब्द तथा
जचह्ि “सोिे या चााँदी को स रजक्षत रखिे (की भौजतक स रक्षा)” आ िाएंग;े
ii. जचह्िों तथा िब्दों “[जिसम ें ऐसी पारस्ट्पठरक जिजध (ऐसा म्यचू अल फंड) िाजमल ह,ै जिसकी गोल्ड
एक्सचेंि रेडेड फंड स्ट्कीम हो]” के स्ट्थाि पर, िब्द तथा जचह्ि “[जिसमें ऐसा म्यूच अल फंड (ऐसी
पारस्ट्पठरक जिजध) िाजमल ह,ै जिसकी गोल्ड एक्सचेंि रेडेड फंड स्ट्कीम या जसल्िर एक्सचेंि रेडेड
फंड स्ट्कीम हो]” आ िाएंग;े
iii. खंड (क) म,ें िब्दों “रख ेगए स्ट्िणड” के स्ट्थाि पर, िब्द “रख ेगए सोिे या चााँदी” आ िाएंग;े
iv. खंड (ख) तथा (ग) म,ें िब्दों “रखे गए स्ट्िण”ड के स्ट्थाि पर, िब्द “रखे गए सोि े या चााँदी” आ िाएंगे।
माधबी प री ब च, अध्यक्ष
[जिज्ञापि III/4/असा./47/2022-23][भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 3
पाद ठटप्पण :
(1) भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) जिजियम, 1996, मूल जिजियम सं. का.आ. 344(अ),
16 मई, 1996 को भारत के रािपत्र में प्रकाजित हुए थे ।
(2) भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) जिजियम, 1996 तत्पश्चात ्–
(i) 4 ददसम्बर, 1996 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) (संिोधि)
जिजियम, 1996, सं. का.आ. 851(अ), द्वारा
(ii) 17 अिूबर, 1997 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) (संिोधि)
जिजियम, 1997, सं. का.आ. 732(अ), द्वारा
(iii) 5 िििरी, 1998 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) (संिोधि)
जिजियम, 1998, सं. का.आ. 17(अ), द्वारा
(iv) 28 माच,ड 2000 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अपीलीय न्स्ट्यायाजधकरण को
अपील) (संिोधि) जिजियम, 2000, सं. का.आ. 278(अ), द्वारा
(v) 29 मई, 2001 को भारतीय प्रजतभूजत और जिजिमय बोड ड (मध्यिर्तडयों द्वारा जिजिधाि सलाह)
(संिोधि) जिजियम, 2001, सं. का.आ. 476(अ), द्वारा
(vi) 27 जसतम्बर 2002 को भारतीय प्रजतभूजत और जिजिमय बोडड (िााँच अजधकारी द्वारा िााँच करिे और
िाजस्ट्त अजधरोजपत करि े के जलए प्रदिया) जिजियम, 2002, सं. का.आ. 1045(अ), द्वारा
(vii) 10 माचड 2004 को भारतीय प्रजतभूजत और जिजिमय बोड ड (उपयि तथा उजचत व्यजि के जलए
मािदंड) जिजियम, 2004, का.आ.सं. 398(अ), द्वारा
(viii) 12 िििरी 2006 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) (संिोधि)
जिजियम, 2006, सं. का.आ. 39(अ), द्वारा
(ix) 31 अिूबर 2006 को भारतीय प्रजतभूजत और जिजिमय बोड ड (प्रजतभूजत अजभरक्षक) (दसू रा संिोधि)
जिजियम, 2006, सं. का.आ. 1860(अ), द्वारा
(x) 31 माचड 2008 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का संदाय) (संिोधि) जिजियम,
2008, फा. सं. 11/एलसी/िीएि/2008/21669, द्वारा
(xi) 4 ि लाई 2008 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) (संिोधि) जिजियम,
2008, सं. 11/एलसी/िीएि/15/2008/130775, द्वारा
(xii) 19 िूि 2009 को भारतीय प्रजतभूजत और जिजिमय बोड ड [भारतीय जिक्षेपागार रसीदों (जडपॉजिटरी
ठरसीट्स) के जिगडमि को स कर बिािा] (संिोधि) जिजियम, 2009, सं. एल.ए.डी.-
एि.आर.ओ./िी.एि./2009-10/10/166936, द्वारा
(xiii) 29 िूि 2009 को भारतीय प्रजतभूजत और जिजिमय बोड ड (फीस का संदाय) (संिोधि) जिजियम,
2009, सं. एल.ए.डी.-एि.आर.ओ./िी.एि./2009-10/11/167759, द्वारा
(xiv) 23 मई 2014 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का संदाय) (संिोधि) जिजियम
2014, सं.एल.ए.डी.-एि.आर.ओ./िी.एि./2014-15/03/1089, द्वारा
(xv) 6 माचड 2017 को भारतीय प्रजतभूजत और जिजिमय बोडड (फीस का भ गताि और भ गताि का माध्यम)
(संिोधि) जिजियम, 2017, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/037
(तारीख 29 माचड 2017 को अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2016-17/38 के
साथ पठित), द्वारा4 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(xvi) 1 िििरी 2019 को भारतीय प्रजतभूजत और जिजिमय बोडड (प्रजतभूजत अजभरक्षक) (संिोधि)
जिजियम, 2018, अजधसूचिा सं. सेबी/एल.ए.डी.-एि.आर.ओ./िी.एि./2019/01, द्वारा
(xvii) 17 अप्रैल, 2020 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यलू ेटरी सैंडबॉक्स) (संिोधि)
जिजियम, 2020, सं. सेबी/एल.ए.डी.-एिआरओ/िीएि/2020/10, द्वारा
(xviii) 3 अगस्ट्त, 2021 को भारतीय प्रजतभूजत और जिजिमय बोडड (रेग्यूलेटरी सैंडबॉक्स) (सिं ोधि)
जिजियम, 2021, सं. सेबी/एलएडी-एिआरओ/िीएि/2021/30, द्वारा
संिोजधत हुए थे ।
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 25th April, 2022
SECURITIES AND EXCHANGE BOARD OF INDIA (CUSTODIAN) (AMENDMENT)
REGULATIONS, 2022
F. No. SEBI/LAD-NRO/GN/2022/81.— In exercise of the powers conferred by section 30 read
with clause (ba) of sub-section (2) of section 11 of the Securities and Exchange Board of India Act, 1992
(15 of 1992), the Board hereby makes the following regulations to further amend the Securities and
Exchange Board of India (Custodian) Regulations, 1996, namely –
1. These Regulations may be called the Securities and Exchange Board of India (Custodian)
(Amendment) Regulations, 2022.
2. They shall come into force on the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Custodian) Regulations, 1996, –
I. In regulation 2, –
i. in clause (e),
a. after the words “gold or gold related instruments” and before the words “held
by a mutual fund”, the words “or silver or silver related instruments” shall be
inserted.
b. after the words “gold or gold related instruments” and before the words “or
title deeds of real estate assets”, the words “or silver or silver related
instruments” shall be inserted.
c. in sub-clauses (i) and (ii), after the words “gold or gold related instruments”
and before the words “or title deeds of real estate assets”, the words “or silver
or silver related instruments” shall be inserted.
II. In regulation 6, in sub-regulation (1), in clause (ba), the words “gold or gold related
instruments of a mutual fund” shall be substituted with the words “gold or gold related
instruments or silver or silver related instruments held by a mutual fund”.
III. In regulation 8, –
i. in sub-regulation (3), in the proviso, the words “gold or gold related instruments of
a mutual fund” shall be substituted with the words “gold or gold related
instruments or silver or silver related instruments held by a mutual fund”;[भाग III—खण् ड 4] भारत का रािपत्र : असाधारण 5
ii. in sub-regulation (4), the words “of a mutual fund” shall be substituted with the
words “held by a mutual fund”;
iii. after sub-regulation (6), the following sub-regulations shall be inserted, namely, –
“(7) A custodian holding a certificate of registration as on the date of
commencement of the Securities and Exchange Board of India (Custodian)
(Amendment) Regulations, 2022, may provide custodial services in respect of
silver or silver related instruments held by a mutual fund only after taking prior
approval of the Board.”
IV. In regulation 15, in the proviso, –
i. after the words “gold” and before the words “belonging to its client”, the words “or
silver” shall be inserted;
ii. after the words “gold exchange traded fund scheme” and before the symbol and
words “, subject to the following conditions”, the words “or a silver exchange
traded fund scheme” shall be inserted;
iii. in clause (a), after the words “gold” and before the words “kept with such other
person”, the words “or silver” shall be inserted;
iv. in clause (b) and (c), after the words “gold” and before the words “so kept with the
other person”, the words “or silver” shall be inserted;
MADHABI PURI BUCH, Chairman
[ADVT.-III/4/Exty./47/2022-23]
Footnote:
(1) The Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996, the
Principal Regulations were published in the Gazette of India on May 16, 1996 vide S.O. No.
344 (E) .
(2) The Securities and Exchange Board of India (Custodian of Securities) Regulations,1996 were
subsequently amended –
(i) On December 4, 1996 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 1996 vide S.O. No. 851(E).
(ii) On October 17, 1997 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 1997 vide S.O. No. 732 (E).
(iii) On January 5, 1998 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 1998 vide S.O. No. 17(E).
(iv) On March 28, 2000 by the Securities and Exchange Board of India (Appeal to the
Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide S.O. No. 278(E)
(v) On May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by
Intermediaries) (Amendment) Regulations, 2001 vide S.O. No. 476(E).
(vi) On September 27, 2002 by the Securities and Exchange Board of India (Procedure for
Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide
S.O.No.1045(E).
(vii) On March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and
Proper Person) Regulations, 2004 vide S.O.No.398(E).6 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]
(viii) On January 12, 2006 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 2006 vide S.O.No.39(E).
(ix) On October 31, 2006 by the Securities and Exchange Board of India (Custodian of
Securities) (Second Amendment) Regulations, 2006 vide No. S.O.1860(E).
(x) On March 31, 2008 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2008 vide F. No. 11/LC/GN/2008/21669.
(xi) On July 4, 2008 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 2008 vide No. 11/LC/GN/15 /2008/130775.
(xii) On June 19, 2009 by the Securities and Exchange Board of India (Facilitation of
Issuance of Indian Depository Receipts) (Amendment) Regulations, 2009 vide No.
LAD-NRO/GN/2009-2010/10/166936.
(xiii) On June 29, 2009 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2009 vide No. LAD-NRO/GN/200910/11/167759.
(xiv) On May 23, 2014 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2014 vide No. LAD-NRO/GN/201415/03/1089
(xv) On March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and
Mode of Payment) (Amendment) Regulations, 2017 vide notification no.
SEBI/LAD/NRO/GN/2016-17/037 read with notification no.
SEBI/LAD/NRO/GN/2016-17/38 dated March 29, 2017.
(xvi) On January 1, 2019 by the Securities and Exchange Board of India (Custodian of
Securities) (Amendment) Regulations, 2018 vide notification no. SEBI/LAD-
NRO/GN/2019/01.
(xvii) On April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10.
(xviii) On August 3, 2021 by the (Regulatory Sandbox) (Amendment) Regulations, 2021 vide
No. SEBI/LAD-NRO/GN/2021/30.
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and Published by the Controller of Publications, Delhi-110054.