Securities and Exchange Board of India (Vault Managers) (Amendment) Regulations, 2026

7800 GI/2026 (1)REGD. No. D. L.-33004/99EXTRAORDINARYPART III—Section 4PUBLISHED BY AUTHORITYSecurities and Exchange Board of IndiaNOTIFICATIONMumbai, the 8th October, 2026Securities and Exchange Board of India (Vault Managers) (Amendment) Regulations, 2026F. No. SEBI/LAD-T-OP/2026/325.—In exercise of the powers conferred by sub-section (1) of section 30 read with clause (kc) of sub-section (2) of section 11 and sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and section 25 of the Depositories Act, 1996 (22 of 1996), the Securities and Exchange Board of India (SEBI) hereby makes the following regulations, namely:—No. 610] NEW DELHI, FRIDAY, OCTOBER 9, 2026/ASVINA 17, 1948CG-MH-E-09102026-2770192 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]1. These regulations may be called the Securities and Exchange Board of India (Vault Managers) (Amendment) Regulations, 2026.2. These regulations shall come into force on the ninetieth day from the date of their publication in the Official Gazette.3. In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021,—I. in regulation 2, in sub-regulation (1),—(a) clause (b) shall be omitted;(b) for clause (d), the following clause shall be substituted, namely:—“(d) “beneficial owner” means,—(i) in the case of electronic gold receipt, a person whose name is recorded as a beneficial owner in the records of a depository or a depository participant;(ii) in the case of bullion-based exchange traded fund, any mutual fund scheme of such exchange traded fund;(iii) in the case of bullion-based derivative, a person in whose name or on whose behalf derivative contracts are held in the records of a clearing corporation;”(c) after clause (e) and before clause (f), the following clauses shall be inserted, namely:—“(ea) “bullion” means precious metals (including gold, silver or any other precious metal) which are underlying of a bullion-based instrument;(eb) “bullion-based instrument” means electronic gold receipts, bullion-based exchange traded funds, bullion-based derivatives, and any other bullion-based instruments or contracts as may be approved by the Board from time to time;”[PART III—SEC.4] THE GAZETTE OF INDIA : EXTRAORDINARY 3(d) for clause (g), the following clause shall be substituted, namely:—“(g) “depositor” means a person who deposits bullion in a vault for bullion-based instruments in such manner as may be specified by the Board;”(e) after clause (h) and before clause (i), the following clause shall be inserted, namely:—“(ha) “exchange traded fund” shall have the same meaning as assigned to it in the Securities and Exchange Board of India (Mutual Funds) Regulations, 2026;”(f) for clause (i), the following clause shall be substituted, namely:—“(i) “bullion delivery standard” means the quality or standard of bullion for different bullion-based instruments as may be
specified by the Board;”(g) clause (j) shall be omitted;(h) for clause (t), the following clause shall be substituted, namely:—“(t) “vault services” in relation to bullion, means the safe-keeping (storage) and providing related services for bullion deposited with a vault manager for the purpose of bullion-based instruments, and includes—4 THE GAZETTE OF INDIA : EXTRAORDINARY PART III—SEC.4 availing services of assayers for assaying of bullion as per applicable bullion delivery standards, wherever required;(ii) coordinating with depositories in relation to issuance, transfer and extinguishment of electronic gold receipts; and(iii) providing services to beneficial owners in relation to deposit, storage and withdrawal of bullion;”(i) after clause (t), the following clause shall be inserted, namely:—“(ta) “vault system” means the network of vaults established and operated by a registered vault manager for providing vault services in relation to bullion-based instruments.”II. after regulation 2 and before regulation 3, the following regulation shall be inserted, namely:—“Applicability of regulations2A. These regulations shall be applicable to every vault manager holding or intending to hold bullion as underlying for bullion-based instruments as referred to in these regulations.”III. in regulation 4,—(a) in clause (b), for the word “fifty”, the word “seventy-five” shall be substituted;(b) in clause (f),—(i) for sub-clause (i), the following sub-clause shall be substituted, namely:—“(i) the procedure for deposit, storage and withdrawal of bullion;”[PART III—SEC.4] THE GAZETTE OF INDIA : EXTRAORDINARY 5(ii) for sub-clause (v), the following sub-clause shall be substituted, namely:—“(v) the security policy for ensuring protection of bullion including protection from theft, burglary, fire, fraud, negligence, terrorist activities, cyber attacks or any other threat;”(iii) in sub-clause (vi), after the word “negligence” and before the words “and mandatory obligation”, the sign and words “, terrorist activities, cyber attacks” shall be inserted;(iv) for sub-clause (ix), the following sub-clause shall be substituted, namely:—“(ix) the procedure for reconciliation of stored bullion with its records and, as the case may be, with the records of depository, clearing corporation, asset management company or custodian from time to time;”IV. in sub-regulation (2) of regulation 5, before the word “certificate”, the word “registration” shall be inserted.V. in regulation 12,—(a) for sub-regulation (1), the following sub-regulation shall be substituted, namely:—“(1) The vault manager shall be responsible for depositing bullion in such manner as may be 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 bullion never leaves the vault system and complies with every other condition as may be specified by the Board from time
to time in this regard.”6 THE GAZETTE OF INDIA : EXTRAORDINARY PART III—SEC.4 in sub-regulation (2), for the words “by the stock exchange”, the words and sign “by the Board from time to time” shall be substituted;(d) in sub-regulation (4), for the words “gold standards”, the words “bullion delivery standard” shall be substituted;(e) sub-regulation (5) shall be omitted;(f) in sub-regulation (6), after the words “shall not issue electronic gold receipts”, the words “or shall not record any deposit of bullion in its vault” shall be inserted;(g) for sub-regulation (12), the following sub-regulation shall be substituted, namely:—“(12) The vault manager shall specify procedures for reconciliation of stored bullion with its records and, as the case may be, with the records being maintained by depositories, clearing corporations, asset management companies or custodians in relation to bullion-based instruments from time to time.”(h) in sub-regulation (13), for the words and sign “depository”, the words and sign “depository or clearing corporation or asset management company or custodian” shall be substituted;(i) for sub-regulation (14), the following sub-regulation shall be substituted, namely:—“(14) The vault manager shall deliver bullion in such manner as may be specified by the Board from time to time.”(j) for sub-regulation (17), the following sub-regulation shall be substituted, namely:—“(17) The vault manager shall neither issue any bullion-based instrument in its own name nor deposit bullion in its own name against bullion stored in its accredited vault.”(k) in sub-regulation (18), for the words “for issuing electronic gold receipts”, the words “vault manager” shall be substituted;[PART III—SEC.4] THE GAZETTE OF INDIA : EXTRAORDINARY 7(l) for sub-regulation (20), the following sub-regulation shall be substituted, namely:—“(20) The vault manager shall ensure that the delivery of bullion to the beneficial owner is as per the ‘bullion delivery standard’.”(m) after sub-regulation (22), the following sub-regulation shall be inserted, namely:—“(23) If a vault manager refuses or fails to deliver bullion to a beneficial owner, the burden of proving that such refusal or failure to deliver bullion was on reasonable grounds shall be on the vault manager.”VI. in regulation 13,—(a) the existing regulation shall be re-numbered as sub-regulation (1);(b) for the words “storage of gold for reduction in electronic gold receipts”, the words “storage of bullion as underlying for bullion-based instruments” shall be substituted;(c) after sub-regulation (1), the following sub-regulation shall be inserted, namely:—“(2) The vault manager shall ensure that bullion stored in the vault as underlying for bullion-based instruments is segregated instrument-wise and entity-wise.”VII. in sub-regulation (2) of regulation 14,—(a) in clause (b), for the words and sign “details related to storage, transfer and withdrawal of gold”, the words and sign “details related to deposit,
storage, transfer and withdrawal of bullion” shall be substituted;(b) in clause (f), for the words and sign “received from and to beneficial owners”, the words and sign “received from and to, as the case may be, depositories, clearing corporations, AMCs (Asset Management Companies) or custodians” shall be substituted.8 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4]VIII. after regulation 14 and before regulation 15, the following regulation shall be inserted, namely:—“Appointment of Compliance Officer14A. (1) Every vault manager shall appoint a compliance officer who shall be responsible for monitoring the compliance with the Act, rules and regulations issued thereunder, notifications, guidelines, circulars or directions issued, etc., and for redressal of investor grievances.(2) The compliance officer shall immediately and independently report to the Board any non-compliance with any provision that comes to his notice.(3) The compliance officer shall report to the Board on a quarterly basis, in such manner as may be specified by the Board, any matter relating to non-compliance with the Act, rules and regulations issued thereunder, notifications, guidelines, circulars or directions issued, and redressal of investor grievances.”IX. for regulation 15, the following regulation shall be substituted, namely:—“Indemnification by Vault Manager in certain cases15. The vault manager shall indemnify the beneficial owner for any loss incurred while providing vault services, in such manner as may be specified by the Board from time to time.”X. in Chapter IV,—(a) in the heading, for the words “Electronic Gold Receipts”, the words “Bullion-based Instruments” shall be substituted;(b) for regulation 17, the following regulation shall be substituted, namely:—“Availing services of registered vault manager17. Any entity desirous of availing vault services for storage of bullion as underlying for bullion-based instruments shall avail such services only from a vault manager registered with the Board:Provided that, an entity providing vault services for bullion-based instruments may continue to store such bullion for a period of three months from the date of coming into force of these regulations, subject to it making an application for registration with the Board within such period.”(c) for regulation 18, the following regulation shall be substituted, namely:—“Manner of providing vault services and procedures to be adopted for bullion as underlying for bullion-based instruments18. Vault services in relation to bullion-based instruments shall be provided and procedures adopted in such manner as may be specified by the Board from time to time.”

[PART III—SECTION 4] THE GAZETTE OF INDIA : EXTRAORDINARY 11 (c) regulation 19 shall be omitted;
XI. in regulation 20(d), the following regulation shall be substituted, namely—
“(d) for carrying out such inspection of the functions of the Vault Manager as may be deemed necessary in the interest of the securities market or in the interest of investors.”
XII. in the proviso to regulation 25, for the word “or” appearing between the words “Vault Manager” and “its directors”, the word “and” shall be substituted.
XIII. in regulation 27,—
(a) in clause (a), after the words “rules made” and before the words “or violates any provision of these regulations”, the sign and words “, regulations or circulars” shall be inserted; (b) in clause (e), before the words “any inquiry or inspection”, the words and sign “any audit,” shall be inserted;
XIV. in regulation 28, for the words and symbols “For the purpose of removing any difficulties in relation to the applicability or interpretation of the provisions of these regulations, the Board may issue appropriate circulars or guidelines”, the words and symbols “If any difficulty arises regarding the applicability of the provisions of these regulations or their intent, the Board shall have the power to issue appropriate clarifications and guidelines to remove it” shall be substituted.
XV. after regulation 28, the following regulations shall be inserted, namely—
“Power to prescribe procedures and issue clarifications 28A. In relation to the enforcement of these regulations and matters connected therewith, the Board may, by issuing a circular, prescribe standards, procedures, methods or guidelines, etc., as referred to in these regulations.

12 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] Power to grant exemption from strict enforcement of regulations 28B. (1) The Board, either on its own motion or on an application made by the Vault Manager, for reasons to be recorded in writing, may grant exemption from the strict enforcement of any of the provisions of these regulations, subject to certain conditions [which the Board deems fit to prescribe in the interest of investors investing in securities etc. and the securities market], if the Board is satisfied that:
(a) doing so is necessary for procedural or technical reasons; or (b) compliance with the provisions could not be made due to reasons beyond the control of the entity. (2) For obtaining exemption under sub-regulation (1), an application shall be submitted to the Board, detailing the basis on which the exemption is sought, and at the time of application, a non-refundable fee of one lakh rupees shall also be deposited, which shall be paid through NEFT / RTGS / IMPS or by direct deposit into a bank account using SEBI's online payment gateway or by any other means (as specified by the Board from time to time).”
XVI. in the First Schedule, in Form-C,—
(a) in the section titled “Financial Information”, after item 2, the following item shall be added, namely— “3. Details of insurance taken.” (b) in the section titled “Information related to Vault”, for item 2(xv), the following item shall be substituted, namely—

[PART III—SECTION 4] THE GAZETTE OF INDIA : EXTRAORDINARY 13 “(xv) the number of staff members employed in the vault, and their details such as their name, their designation, their educational qualification and their experience in this business.”
XVII. in the Third Schedule, in clause (1),—
(a) for item (i), the following item shall be substituted, namely— “(i) The Vault Manager shall promptly provide vault-related services to beneficial owners, depositories, clearing corporations, AMCs (Asset Management Companies) or custodians of bullion.” (b) in item (x), for the words “shall maintain confidentiality in respect of information of the beneficial owner”, the words and sign “shall keep confidential the information of beneficial owners, depositories, clearing corporations, AMCs (Asset Management Companies) or custodians” shall be substituted; (c) in item (xii), for the words and symbols “depositories”, the words and symbols “depositories, AMCs (Asset Management Companies) or custodians” shall be substituted.
XVIII. wherever the word “gold” or “gold’s” appears in the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, the word “bullion” shall be substituted therefor.
Amit Prahan, Executive Director
[ADVT.-III/4/Exty./379/2026-27]
Note:
The Securities and Exchange Board of India (Vault Managers) Regulations, 2021 (Notification No. SEBI/LAD-NRO/GN/2021-61) were published in the Gazette of India on 31st December, 2021, and were last amended on 10th February, 2025, by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 (Notification No. SEBI/LAD-NRO/GN/2025/228).

14 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 8th October, 2026 SECURITIES AND EXCHANGE BOARD OF INDIA (VAULT MANAGERS) (AMENDMENT) REGULATIONS, 2026 F. No. SEBI/LAD-DOP/2026/325. — In exercise of the powers conferred by section 30(1) read with section 11(2)(ba), section 12(1A) of the Securities and Exchange Board of India Act, 1992 (15 of 1992), Section 31 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and Section 25 of the Depositories Act, 1996 (22 of 1996), the Securities and Exchange Board of India hereby makes the following regulations, namely:—

1. These regulations may be called the Securities and Exchange Board of India (Vault Managers) (Amendment) Regulations, 2026.
2. They shall come into force on the ninetieth day from the date of their publication in the Official Gazette.
3. In the Securities and Exchange Board of India (Vault Managers) Regulations, 2021, —
   I. in regulation 2(1), —
   (a) 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;

[PART III—SECTION 4] THE GAZETTE OF INDIA : EXTRAORDINARY 15 (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 bullion with the vault in the manner as specified by the Board for bullion related instruments;” (e) after clause (h) and before clause (i), following clause shall be inserted, namely — “(ha) “Exchange Traded Funds” shall have the meaning as assigned to it under the Securities and Exchange Board of India (Mutual Funds) Regulations, 2026;” (f) clause (i), shall be substituted with the following, namely — “(i) “bullion delivery standards” means the quality or standard of bullion as specified by the Board, for different bullion related instruments;” (g) clause (j) shall be omitted; (h) clause (m), shall be substituted with the following, namely — “(m) “Vaulting service” in relation to bullion means the storage and safe keeping of bullion deposited with the Vault Manager, for the purpose of

16 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] bullion related instruments and providing services incidental thereto, and includes- (i)utilizing the services of assayers for the purpose of testing of bullion, as per applicable bullion delivery standards, wherever required; (ii) coordination with the depositories for creation, transfer and extinguishment of Electronic Gold Receipt; and (iii) providing deposit, storage and withdrawal services to the beneficial owners;” (i) after clause (m), following clause shall be inserted, namely — “(n) “Vaulting system” means the network of vaults established and maintained by a registered Vault Manager for providing vaulting services in relation to the bullion related instruments.”
II. After regulation 2 and before regulation 3, the following regulation shall be inserted, namely —
“Applicability of the regulations
2A. These regulations shall apply to every Vault Manager undertaking or intending to undertake storage of bullion underlying the bullion related instruments as specified in these regulations.”
III. In regulation 4 —
(a) in clause (b), the word “fifty” shall be substituted with the words and symbol “seventy-five”; (b) in clause (f), — (i) sub-clause (i), shall be substituted with the following, namely — “(i) Procedures for deposit, storage and withdrawal of bullion;”

[PART III—SECTION 4] THE GAZETTE OF INDIA : EXTRAORDINARY 17 (ii) sub-clause (v), the following shall be substituted, namely — “(v) Security policy for ensuring the safety of bullion 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 the vaulting system, and is in conformity with any other condition as may be specified by the Board from time to time.” (c) in sub-regulation (2), the words “stock exchange” shall be substituted with the words “Board from time to time”; (d) in sub-regulation (4), the words “gold standard” shall be substituted with the words “bullion delivery standard”; (e) sub-regulation (5) shall be omitted;

18 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (f) in sub-regulation (6), after the words “an Electronic Gold Receipt” and before the words “without underlying”, the words and symbol “or any record of deposit of bullion in its vault,” shall be inserted; (g) sub-regulation (12), shall be substituted with the following, namely — “(12) The Vault Manager shall devise procedures for periodic reconciliation of physical bullion with the corresponding record of bullion related instruments as maintained by it and the depositories, clearing corporations, asset management companies or custodians, as the case may be.” (h) in sub-regulation (13), after the word “depository” and before the words “and physical”, the words “or clearing corporation or asset management company or custodian” shall be inserted; (i) sub-regulation (14), shall be substituted with the following, namely — “(14) The Vault Manager shall deliver the bullion in the manner specified by the Board from time to time.” (j) sub-regulation (17), shall be substituted with the following, namely — “(17) The Vault Manager shall not create any bullion related instrument or deposit bullion in its own name with respect to the bullion stored in its recognized vaults.” (k) in sub-regulation (18), the words “for the creation of Electronic Gold Receipt” shall be omitted; (l) sub-regulation (20), shall be substituted with the following, namely — “(20) The Vault Manager shall ensure that delivery of bullion to the beneficial owner is in conformity with the bullion delivery standards.” (m) after sub-regulation 22, the following sub-regulation shall be inserted, namely —

[भाग III—खण्ड 4] भारतकाराजपत्र:असाधारण 19
“(23) If a Vault Manager refuses or fails to hand over the bullion to the beneficial owner, the burden of proof shall lie on the Vault Manager to establish the existence of a lawful excuse for its refusal or failure to allow such withdrawal.”
VI. in regulation 13 —
(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 regulations, notifications, guidelines, circulars or directions, etc. issued thereunder and for the redressal of investors' grievances. (2) The compliance officer shall immediately and independently, report to the Board any non-compliance observed by him.

20 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] (3) The compliance officer shall submit a report of any non-compliance of the Act, rules and regulations, notifications, guidelines, circulars or directions issued thereunder and of the redressal of investors' grievances, to the Board on a quarterly basis in the manner as specified by the Board.”
IX. Regulation 15, shall be substituted with the following, namely —
“Vault Manager to indemnify loss in certain cases
15. If any loss is caused in the course of providing vaulting services, the Vault Manager
shall indemnify the beneficial owner for such losses, in the manner specified by the Board from time to time.”
X. In Chapter IV,
(a) the heading “ELECTRONIC GOLD RECEIPTS” shall be substituted with “BULLION RELATED INSTRUMENTS”; (b) regulation 17, shall be substituted with the following, namely — “Obligation to avail services of Registered Vault Manager.
17. Any entity availing the vaulting services for the purpose of storage of bullion
underlying bullion related instruments shall avail such services only from a Vault Manager registered with the Board:
Provided that any entity providing vaulting services for bullion-related instruments may continue to store such bullion for a period of three months from the date of commencement of these regulations, subject to submitting an application for registration to the Board within the said period.”

[भाग III—खण्ड 4] भारतकाराजपत्र:असाधारण 21
(c) regulation 18, shall be substituted with the following, namely — “Manner and Procedures for providing Vaulting Services for Bullion Underlying Bullion Related Instruments
18. The manner and procedure for providing vaulting services with respect to bullion
related instruments shall be specified by the Board from time to time.”
(d) Regulation 19 shall be omitted;
XI. Regulation 20(d), shall be substituted with the following, namely —
“(d) to inspect suo-motu into the affairs of the Vault Manager, as may be deemed fit, in the interest of the securities market or in the interest of investors.”
XII. In the proviso 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.

22 THE GAZETTE OF INDIA : EXTRAORDINARY [PART III—SEC.4] 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 compliance of any of the provisions of these regulations subject to such conditions as the Board deems fit to impose in the interests of the investors in securities and the securities market, if the Board is satisfied that:
(a) relaxation is procedural or technical in nature; or (b) the non-compliance was caused due to factor beyond the control of the entity. (2) For seeking relaxation under sub-regulation (1), an application, giving details and the grounds on which such relaxation has been sought, shall be filed with the Board and such application shall be accompanied by a non-refundable fee of rupees one lakh payable by way of direct credit in the bank account through NEFT/RTGS/IMPS or online payment using the SEBI payment gateway or any other mode specified by the Board from time to time.”
XVI. In the First Schedule, in Form A —
(a) in the section titled “Financial Information”, after item 2, the following shall be inserted, namely — “3. Details of insurance taken.” (b) in the section titled “Information Concerning the Vault(s)”, item 2(xv) shall be substituted with the following, namely — “(xv) Number of staff members in the vault(s) along with their details viz. name, designation, educational qualifications and details of experience in the business.”

[भाग III—खण्ड 4] भारतकाराजपत्र:असाधारण 23
XVII. In the Third Schedule, in clause (1) —
(a) item (i), shall be substituted with the following, namely — “(i) be prompt in providing vaulting services to the beneficial owner of bullion, depositories, clearing corporations, asset management companies or custodians.” (b) in item (x), after the words “beneficial owner” and before the symbol “.”, the words and symbol “, depositories, clearing corporations, asset management companies or custodians” shall be inserted; (c) in item (xii), after the words “depositories” and before the words “and clearing organizations”, the words and symbol “, asset management companies or custodians” shall be inserted.
XVIII. The word “gold” wherever appearing in the Securities and Exchange Board of India
(Vault Managers) Regulations, 2021, shall be substituted by the word “bullion”.
AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./379/2026-27]
Note:
The Securities and Exchange Board of India (Vault Managers) Regulations, 2021 was published in the Gazette of India on December 31, 2021 vide notification no. SEBI/LADNRO/GN/2021/61 and was last amended on February 10, 2025 by the Securities and Exchange Board of India (Investor Charter) (Amendment) Regulations, 2025 vide notification no. SEBI/LAD-NRO/GN/2025/228. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.