Regulation 6 - Consideration of application for grant of certificate of registration - Securities and Exchange Board of India (Vault Managers) Regulations, 2021

Consideration of application for grant of certificate of registration 6 . (1) While considering the grant of certificate of registration, the Board shall take into account all matters which it deems relevant to the activities of a Vault Manager and in particular, whether, - (a) the applicant fulfils the net worth requirement as provided in regulation 4 ; (b) the applicant has the necessary infrastructure, including adequate office space, vaults for safe deposit, storage and withdrawal of the gold and computer systems capability, required to effectively discharge the activities as the Vault Manager; (c) the applicant has the requisite approvals, if any, under any law for the time being in force, in connection with providing its services; (d) the applicant has adequate and competent persons employed who have the required experience, knowledge and ability for managing the business of the Vault Manager; (e) the applicant has prepared a Standard Operating Procedure (SOP) in accordance with regulation 4 , setting out the systems and procedures to be followed by it for the effective and efficient discharge of its functions; (f) the applicant engages in any other business apart from providing vaulting services; (g) the applicant has been refused registration by the Board or whose certificate of registration has been cancelled by the Board; (h) the applicant or any of its employees is involved in any proceedings connected with the securities market or any other regulatory or enforcement agency; (i) the applicant is fulfilling the fit and proper criteria as specified by the Board in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008 ; and (j) the grant of the certificate of registration is in the interest of the investors. (2) Notwithstanding anything contained in sub-regulation (1) the Board shall not consider an application made under regulation 3 unless the applicant meets the requirements mentioned in regulation 4 .