{"id":259438,"date":"2022-01-03T10:30:33","date_gmt":"2022-01-03T05:00:33","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=259438"},"modified":"2022-01-03T10:25:33","modified_gmt":"2022-01-03T04:55:33","slug":"securities-and-exchange-board-of-india-vault-managers-regulations-2021","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/03\/securities-and-exchange-board-of-india-vault-managers-regulations-2021\/","title":{"rendered":"Securities and Exchange Board of India (Vault Managers) Regulations, 2021"},"content":{"rendered":"<p style=\"text-align: justify;\"><span id=\"page29R_mcid120\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">On December 31, 2021, the Securities and Exchange Board of India notifies Securities and Exchange Board of India (Vault Managers) Regulations, 2021<\/span><\/span>.<\/p>\n<p style=\"text-align: justify;\">\n<h4 style=\"text-align: justify;\"><span style=\"color: #0000ff;\">Key features of the Regulation:<\/span><\/h4>\n<ul style=\"text-align: justify;\">\n<li style=\"text-align: justify;\"><strong><span id=\"page33R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Application for registration: <\/span><\/span><\/strong><span id=\"page33R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Any person intending to carry on the business as a Vault Manager<\/span><span dir=\"ltr\" role=\"presentation\"> shall make an application to the Board for grant of a certificate of registration.<\/span><\/span><span id=\"page33R_mcid4\" class=\"markedContent\"> <span dir=\"ltr\" role=\"presentation\">An application for grant of a certificate\u00a0 shall be made in Form A of the <\/span><span dir=\"ltr\" role=\"presentation\">First Schedule and shall be accompanied by a non-refundable application fee in the manner as specified in <\/span><span dir=\"ltr\" role=\"presentation\">the Second Schedule.<\/span><\/span><\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\"><span id=\"page31R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Note: <strong>Vault Manager<\/strong> means any person who<\/span> <span dir=\"ltr\" role=\"presentation\">carries on or intends to carry on the business of <\/span><span dir=\"ltr\" role=\"presentation\">providing vaulting services.<\/span><\/span><span id=\"page31R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/p>\n<ul style=\"text-align: justify;\">\n<li><strong><span id=\"page33R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Eligibility criteria: <\/span><\/span><\/strong><span id=\"page33R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">T<\/span><\/span><span id=\"page33R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">he applicant shall fulfil the following criteria, <\/span><span dir=\"ltr\" role=\"presentation\">namely:<\/span><\/span><span id=\"page33R_mcid7\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li><span id=\"page33R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The applicant shall be a body corporate incorporated in India.<\/span><\/span><span id=\"page33R_mcid8\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The applicant shall have the minimum net worth of fifty crores rupees.<\/span><\/span><span id=\"page33R_mcid9\" class=\"markedContent\"><\/span><span id=\"page33R_mcid10\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid10\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The applicant shall furnish refundable Financial Security Deposit as may be specified by the <\/span><span dir=\"ltr\" role=\"presentation\">Board.<\/span><\/span><span id=\"page33R_mcid11\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid11\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The applicant shall have the infrastructure as specified by the Board for safe deposit, storage <\/span><span dir=\"ltr\" role=\"presentation\">and withdrawal of gold.<\/span><\/span><span id=\"page33R_mcid12\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid12\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The applicant shall have adequate insurance to cover losses as may be specified by the Board.<\/span><\/span><span id=\"page33R_mcid13\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page33R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">The applicant<\/span> <span dir=\"ltr\" role=\"presentation\">shall<\/span> <span dir=\"ltr\" role=\"presentation\">have a Standard Operating Procedure (SOP)<\/span> <span dir=\"ltr\" role=\"presentation\">in respect<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">all<\/span> <span dir=\"ltr\" role=\"presentation\">the <\/span><span dir=\"ltr\" role=\"presentation\">recognized vaults which shall specify the following:<\/span><\/span><span id=\"page33R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">i.<\/span> <span dir=\"ltr\" role=\"presentation\">Procedures for deposit and withdrawal of gold;<\/span><\/span><span id=\"page33R_mcid15\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">ii.<\/span> <span dir=\"ltr\" role=\"presentation\">Procedures for facilitating assaying of gold, wherever required;<\/span><\/span><span id=\"page33R_mcid16\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">iii.<\/span> <span dir=\"ltr\" role=\"presentation\">Maintenance of details of persons appointed by the Vault Manager for creating the Electronic <\/span><span dir=\"ltr\" role=\"presentation\">Gold Receipt;<\/span><\/span><span id=\"page33R_mcid17\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">iv.<\/span> <span dir=\"ltr\" role=\"presentation\">Know Your Depositor requirements;<\/span><\/span><span id=\"page33R_mcid18\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">v.<\/span> <span dir=\"ltr\" role=\"presentation\">Security policy for ensuring the safety of gold including from theft or burglary;<\/span><\/span><span id=\"page33R_mcid19\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">vi.<\/span> <span dir=\"ltr\" role=\"presentation\">Procedure for dealing with losses including those caused due to theft, fire, burglary, fraud, <\/span><span dir=\"ltr\" role=\"presentation\">negligence as well as other force majeure events;<\/span><\/span><span id=\"page33R_mcid20\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">vii.<\/span> <span dir=\"ltr\" role=\"presentation\">Procedure for creation of Electronic Gold Receipt;<\/span><\/span><span id=\"page33R_mcid21\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">viii.<\/span> <span dir=\"ltr\" role=\"presentation\">Procedure for maintenance of record;<\/span><\/span><span id=\"page33R_mcid22\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">ix.<\/span> <span dir=\"ltr\" role=\"presentation\">Procedure for periodic reconciliation of physical gold with the records maintained by it and <\/span><span dir=\"ltr\" role=\"presentation\">with the records of the Depository;<\/span><\/span><span id=\"page33R_mcid23\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">x.<\/span> <span dir=\"ltr\" role=\"presentation\">Grievance redressal procedures;<\/span><\/span><span id=\"page33R_mcid24\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">xi.<\/span> <span dir=\"ltr\" role=\"presentation\">Maintenance<\/span> <span dir=\"ltr\" role=\"presentation\">of<\/span> <span dir=\"ltr\" role=\"presentation\">adequate<\/span> <span dir=\"ltr\" role=\"presentation\">infrastructure,<\/span> <span dir=\"ltr\" role=\"presentation\">office<\/span> <span dir=\"ltr\" role=\"presentation\">space,<\/span> <span dir=\"ltr\" role=\"presentation\">technology<\/span> <span dir=\"ltr\" role=\"presentation\">and<\/span> <span dir=\"ltr\" role=\"presentation\">computer<\/span> <span dir=\"ltr\" role=\"presentation\">systems <\/span><span dir=\"ltr\" role=\"presentation\">capability; and<\/span><\/span><span id=\"page33R_mcid25\" class=\"markedContent\"><br role=\"presentation\" \/><span dir=\"ltr\" role=\"presentation\">xii.<\/span> <span dir=\"ltr\" role=\"presentation\">Any other criteria as may be specified by the Board.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"text-align: justify;\">\n<ul style=\"text-align: justify;\">\n<li><strong><span id=\"page38R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">General obligations: <\/span><\/span><\/strong><span id=\"page38R_mcid13\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Key obligations are: <\/span><\/span><span id=\"page38R_mcid14\" class=\"markedContent\"><br role=\"presentation\" \/><\/span><span id=\"page38R_mcid14\" class=\"markedContent\"><\/span><\/li>\n<\/ul>\n<ol style=\"text-align: justify;\">\n<li style=\"list-style-type: none;\">\n<ol>\n<li><span id=\"page38R_mcid14\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Responsible for taking the deposit of the gold in the manner <\/span><span dir=\"ltr\" role=\"presentation\">specified in Chapter IV of these regulations.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid15\" class=\"markedContent\">G<\/span><span id=\"page38R_mcid15\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">old deposited with the Vault Manager shall be in form and manner as specified by the stock <\/span><span dir=\"ltr\" role=\"presentation\">exchange.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid16\" class=\"markedContent\">S<\/span><span id=\"page38R_mcid16\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">tore the gold only in recognized vaults.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid17\" class=\"markedContent\">E<\/span><span id=\"page38R_mcid17\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">nsure the quality specifications of the gold at the time of deposit as per <\/span><span dir=\"ltr\" role=\"presentation\">the gold standard.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid18\" class=\"markedContent\">C<\/span><span id=\"page38R_mcid18\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">reate Electronic Gold Receipt in accordance with regulation 18.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid19\" class=\"markedContent\">Avoid <\/span><span id=\"page38R_mcid19\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">creating an Electronic Gold Receipt without underlying physical gold.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid20\" class=\"markedContent\">M<\/span><span id=\"page38R_mcid20\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">aintain records of all transactions or operations pertaining to the <\/span><span dir=\"ltr\" role=\"presentation\">recognized vault(s).<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid21\" class=\"markedContent\">H<\/span><span id=\"page38R_mcid21\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ave appropriate safekeeping measures, as may be specified by the Board, <\/span><span dir=\"ltr\" role=\"presentation\">to ensure that deposits, records and documents are protected at all times.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid22\" class=\"markedContent\">H<\/span><span id=\"page38R_mcid22\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ave Data Recovery System in place to prevent loss or damage of <\/span><span dir=\"ltr\" role=\"presentation\">electronic records.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid23\" class=\"markedContent\">T<\/span><span id=\"page38R_mcid23\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ake necessary steps to maintain the quality and quantity of gold stored in <\/span><span dir=\"ltr\" role=\"presentation\">the recognised vault(s).<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid24\" class=\"markedContent\">H<\/span><span id=\"page38R_mcid24\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ave adequate internal controls to prevent any manipulative activity.<\/span><\/span><\/li>\n<li><span id=\"page38R_mcid25\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Devise procedures for periodic reconciliation of physical gold with the <\/span><span dir=\"ltr\" role=\"presentation\">corresponding record of Electronic Gold Receipts maintained by it and the depositories.<\/span><\/span><\/li>\n<li><span id=\"page40R_mcid0\" class=\"markedContent\"><\/span><span id=\"page40R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">In case of any discrepancy between electronic records of the depository and physical gold with the <\/span><\/span><span id=\"page40R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Vault Manager, the Vault Manager shall ensure to resolve the same expeditiously, failing which the <\/span><\/span><span id=\"page40R_mcid0\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Vault Manager shall be liable for such discrepancy.<\/span><\/span><span id=\"page40R_mcid1\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Deliver the gold, to the beneficial owner of Electronic Gold Receipt, after <\/span><\/span><span id=\"page40R_mcid1\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">receiving specific instructions from the Depository.<\/span><\/span><span id=\"page40R_mcid2\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Ensure that while withdrawing gold, the Beneficial Owner acknowledges <\/span><\/span><span id=\"page40R_mcid2\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">the receipt of the gold in the form and manner as specified by the Vault Manager.<\/span><\/span><span id=\"page40R_mcid3\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Shall not differentiate between any of the depositors for providing vaulting <\/span><\/span><span id=\"page40R_mcid3\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">services.<\/span><\/span><span id=\"page40R_mcid4\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Shall not create Electronic Gold Receipt in its own name with respect to the <\/span><\/span><span id=\"page40R_mcid4\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">gold stored in its recognized vaults.<\/span><\/span><span id=\"page40R_mcid5\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Shall not sell, remove, dispose or create any interest, including by way of <\/span><\/span><span id=\"page40R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">pledge or hypothecation, in the gold deposited in the vault(s) for the creation of Electronic Gold <\/span><\/span><span id=\"page40R_mcid5\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Receipt, except in such manner as may be specified by the Board.<\/span><\/span><span id=\"page40R_mcid6\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Have adequate mechanisms for the purposes of reviewing, monitoring and <\/span><\/span><span id=\"page40R_mcid6\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">evaluating the vault\u2019s systems, procedur<\/span><span dir=\"ltr\" role=\"presentation\">es and safeguards.<\/span><\/span><span id=\"page40R_mcid7\" class=\"markedContent\"><\/span><\/li>\n<li><span id=\"page40R_mcid7\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">Ensure delivery of gold to the beneficial owner as per the gold standard.<\/span><\/span><\/li>\n<li><span id=\"page40R_mcid8\" class=\"markedContent\">D<\/span><span id=\"page40R_mcid8\" class=\"markedContent\"><\/span><span id=\"page40R_mcid8\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">isclose all charges related to its services on its website.<\/span><\/span><\/li>\n<li><span id=\"page40R_mcid9\" class=\"markedContent\">S<\/span><span id=\"page40R_mcid9\" class=\"markedContent\"><\/span><span id=\"page40R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">ubmit periodic reports to the Board in such form and manner, including <\/span><\/span><span id=\"page40R_mcid9\" class=\"markedContent\"><span dir=\"ltr\" role=\"presentation\">in electronic form, as may be specified by the Board in this behalf.<\/span><\/span><\/li>\n<\/ol>\n<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>On December 31, 2021, the Securities and Exchange Board of India notifies Securities and Exchange Board of India (Vault Managers) Regulations, 2021. <\/p>\n","protected":false},"author":8808,"featured_media":252507,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,15],"tags":[],"class_list":["post-259438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-legislationupdates","category-rules_regulations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.4 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Securities and Exchange Board of India (Vault Managers) Regulations, 2021 | SCC Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.scconline.com\/blog\/post\/2022\/01\/03\/securities-and-exchange-board-of-india-vault-managers-regulations-2021\/\" \/>\n<meta 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