Regulation 15 - Prohibition of assignment - Securities and Exchange Board of India (Custodian) Regulations, 1996

Prohibition of assignment. 15. No 2 [ custodian ] shall assign or delegate its functions as a 2 [ custodian ] to any other person unless such person is a 2 [ custodian ] : 1 [ Provided that a 2 [ custodian ] may engage the services of a person not being a custodian, for the purpose of physical safekeeping of 3 [ goods or ] gold 8 [ or silver ] belonging to its client 4 [ including ] a mutual fund having a gold exchange traded fund scheme 9 [ or a silver exchange traded fund scheme ] , subject to the following conditions- (a) the 2 [ custodian ] shall remain responsible in all respects to its client for safekeeping of the 5 [ goods or ] gold 10 [ or silver ] kept with such other person, including any associated risks; (b) all books, documents and other records relating to the 6 [ goods or ] gold 11 [ or silver ] so kept with the other person shall be maintained in the premises of the custodian or if they are not so maintained, they shall be made available therein, if so required by the Board; (c) the 2 [ custodian ] shall continue to fulfill all duties to the clients relating to the 7 [ goods or ] gold 11 [ or silver ] so kept with the other person, except for its physical safekeeping.] ************** NOTES:- 1 Inserted by the SEBI (Custodian of Securities) (Second Amendment) Regulations, 2006, w.e.f. 31-10-2006. 2. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 before it was read as custodian of securities 3. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 4. Substituted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 before it was read as being 5. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 6. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 7. Inserted vide NOTIFICATION No. SEBI/LAD-NRO/GN/2019/01 dated 01-01-2019 8. Inserted vide F. No. SEBI/LAD-NRO/GN/2022/81 dated 25-04-2022 9. Inserted vide F. No. SEBI/LAD-NRO/GN/2022/81 dated 25-04-2022 10. Inserted vide F. No. SEBI/LAD-NRO/GN/2022/81 dated 25-04-2022 11. Inserted vide F. No. SEBI/LAD-NRO/GN/2022/81 dated 25-04-2022