Sebi revises timeline for custodians to submit report

Circular will come into force with immediate effect, added Sebi

Market regulator Sebi on Tuesday asked custodians of securities, which holds securities and other assets in electronic or physical form, to submit its monthly report latest by fifth working day of the succeeding month.

"It has been decided that the custodians shall submit the monthly reports latest by either the end of the third working day of the succeeding month or the 5th of the succeeding month, whichever is later," Sebi said in a circular.

This circular will come into force with immediate effect, the Securities and Exchange Board of India (Sebi) added.

Currently, custodians are required to submit the monthly reports by the 7th of the succeeding month.

A custodian is a financial institution that holds customers' securities for safekeeping to minimise the risk of their theft or loss. It holds securities and other assets in electronic or physical form.