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Meaning:
Custodial Services in relation to securities of a Client or Gold or Gold related instruments held by a mutual fund or title deeds of real estate assets held by a real estate mutual fund scheme. It also includes:
It prevents the theft or loss of securities. SEBI, It holds securities & other assets in electronic or physical form. The fees charged by custodians depends upon the clients & their desires.
E.g.: BNP Paribus security services, Bank of America, JP Morgan Chase, Citi Group, Axis Ltd.
An Application for grant of Certificate shall be made in Form A to SEBI accompanied by application fees. An application that is incomplete in all respects or which does not conform to the instructions specified shall be rejected. Provided before rejecting such application, a reasonable opportunity of being heard should be given to the applicant.
If the application is fine in all respects, Board shall be satisfied that all particulars have been furnished & the applicant is eligible for grant of a certificate.
Thereafter, the grant of Certificate in Form B upon receipt of the registration fee.
Read our article:SEBI Guidelines for Making Public Offer
Fees specified shall be payable by demand draft or bankers cheque in favor of ‘SEBI[2]’ at Mumbai.
*Custodians are clearing members not trading members. A trading member may assign a particular trade to a custodian for settlement.
Read our article:SEBI (Depository Participant Regulations), 1996
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