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of <h1>Mutual Funds Must Appoint Custodians and Inform SEBI Within 15 Days Per Regulations, 1996; Independence Required</h1> The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996, mandates that mutual funds appoint a custodian for their schemes and inform the Board within fifteen days. Custodians for gold, silver, real estate, and exchange-traded commodity derivatives must be registered with the Board. A custodian cannot serve a mutual fund if the sponsor or its associates hold significant voting rights or board representation, unless specific conditions are met, including the sponsor's net worth and independent directors. Custodians and asset management companies must operate independently, without shared directors or subsidiary relationships.
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