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of <h1>Regulator tightens custodian rules: physical safe-custody, higher INR 75 crore net worth, three-year transition, governance and winding-down requirements</h1> The regulator amends custodian regulations to take effect six months after Gazette publication, inserting 'physical' into safe-custody requirements, raising minimum net worth from fifty to seventy-five crore with a three-year transition for existing registrants and requiring net worth to be maintained separately from any capital adequacy requirements. Custodians may undertake other financial services subject to conditions if not a bank-affiliate. New obligations require governance, risk management, scalable infrastructure and winding-down frameworks. The Third Schedule adds duties on compliance with regulator/RBI rules, prohibition on unfair or false statements, client grievance handling, internal controls, responsibility for employees, cooperation with the regulator, and ensuring directors/KMP remain fit and proper.
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