TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Vault Managers) (Amendment) Regulations, 2026.
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....) clause (b) shall be omitted; (b) clause (d), shall be substituted with the following, namely - "(d) "beneficial owner" in relation to, - (i) Electronic Gold Receipts means a person whose name is recorded as a beneficial owner in the records of a depository or depository participant; (ii) Exchange Traded Funds on bullion means the specific mutual fund scheme of such Exchange Traded Funds; (iii) derivatives on bullion means the owner or holder of the derivative contracts as recorded by the clearing corporation;" (c) after clause (e) and before clause (f), following clauses shall be inserted, namely - "(ea) "bullion" means precious metals including gold, silver or any other precious metal, which forms an underlying for a bullion related instrument; (eb) "bullion related instruments" means Electronic Gold Receipts, Exchange Traded Funds on bullion, derivatives on bullion, and any other bullion related instruments or contracts, as may be permitted by the Board from time to time;" (d) clause (g), shall be substituted with the following, namely - "(g) "Depositor" means a person who deposits the bul....
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....on including from theft, burglary, fire, fraud, negligence, terrorism, cyber-attack or any other threat;" (iii) sub-clause (vi), after the word "negligence" and before the words "as well as", the words and symbol ", terrorism, cyber-attack" shall be inserted; (iv) sub-clause (ix), shall be substituted with the following, namely - "(ix) Procedure for periodic reconciliation of physical bullion with the records maintained by it and with the records of the depository, clearing corporation, asset management company or custodian, as the case may be;" IV. in regulation 5(2), after the words "grant of certificate" and before the symbol "." the words "of registration" shall be inserted. V. in regulation 12, - (a) sub-regulation (1), shall be substituted with the following, namely - "(1) The Vault Manager shall be responsible for taking the deposit of the bullion, in the manner specified by the Board from time to time." (b) after sub-regulation (1) and before sub-regulation (2), the following sub-regulation shall be inserted, namely - "(1A) The Vault Manager shall ensure that the bullion has never exited from t....
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.... (a) the existing regulations shall be numbered as sub-regulation (1); (b) the words "gold for trading of Electronic Gold Receipt" shall be substituted with the words "bullion underlying the bullion related instruments"; (c) after sub-regulation (1), the following sub-regulation shall be inserted, namely - "(2) The Vault Manager shall ensure that the bullion underlying the bullion related instruments stored in the Vaults is also segregated instrument-wise and entity-wise." VII. in regulation 14(2) - (a) in clause (b), after the words "Details of" and before the words "storage", the word and symbol "deposit," shall be inserted; (b) in clause (f), the words "beneficial owner" shall be substituted with the words and symbol "depositories, clearing corporations, asset management companies or custodians, as the case may be". VIII. After Regulation 14 and before Regulation 15, the following regulation shall be inserted, namely - "Appointment of compliance officer 14A. (1) Every Vault Manager shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and....
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....roviso to Regulation 25, the word "or" occurring between the words "the Vault Manager" and "its directors", shall be substituted with the word "and". XIII. In regulation 27 - (a) in clause (a), after the words "the rules" and before the words "framed thereunder", the words and symbol ", regulations or circulars" shall be inserted; (b) in clause (e), after the words "in any" and before the word "enquiry", the word and symbol "audit," shall be inserted; XIV. In regulation 28, the word "may", shall be substituted the words "shall have the power to". XV. After regulation 28, the following regulations shall be inserted, namely - "Power to specify procedures and issue clarifications 28A. For the purposes of implementation of these regulations and matters incidental thereto, the Board may specify norms, procedures, processes, manners or guidelines as specified in these regulations, by way of circulars. Power to relax the strict enforcement of the regulations 28B. (1) The Board may suo motu or upon an application made by a Vault Manager, for reasons recorded in writing, grant relaxation from the strict complia....