Sebi issues guidelines for custodians
The Hindu
Sebi mandates custodians to separate regulated and unregulated services through distinct units, enhancing governance and risk management standards.
Markets regulator Sebi has directed non-bank custodians to segregate regulated and unregulated financial services through separate strategic business units (SBUs), maintain separate accounts for these units and meet net worth requirements independently for these businesses.
In its circular, the regulator stated that the custodians and DDPs Standards Setting Forum (CDSSF), in consultation with Sebi, will specify the list of financial services activities custodians can undertake.
Sebi said that custodians that are not banks, or subsidiaries, associates or joint ventures of banks, must conduct Sebi-regulated and non-Sebi-regulated financial services through separate strategic business units (SBUs), maintain separate accounts for these units and meet net worth requirements independently of such businesses.
"Separate accounts shall be prepared and maintained for the SBUs on an arm's-length basis; the net worth criteria for the custodian shall be satisfied after excludingthe books of the SBU," Sebi said in its circular on Wednesday (March 4, 2026).
They have been directed to disclose to clients if they provide unregulated financial services and obtain an acknowledgement that Sebi will not handle grievances related to such activities.
The regulator also allowed custodians to share manpower, infrastructure and systems across financial service activities, provided adequate safeguards such as Chinese walls and conflict-of-interest controls are maintained.
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