Regulation 16B - Appointment of custodian - Securities and Exchange Board of India (Portfolio Managers) Regulations, 1993

1 [16B. Appointment of custodian.─ (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.] 2 [ (3) Every Portfolio Manager who deals in commodity derivatives shall appoint a custodian. ] ****** 1 Inserted by the SEBI (Portfolio Managers) (Amendment) Regulations, 2006, w.e.f. 05-07-2006. 2 Inserted vide NOTIFICATION No. SEBI /LAD- NRO /GN/2019/17 dated 10-05-2019