RGNUL Financial & Mercantile Law Review

This piece is authored by Haren Digga of third-year, B.A., LL.B (Hons.) at the NALSAR University of Law. The Securities and Exchange Board of India (“SEBI”) amended its SEBI (Custodian) Regulations, 1996 in September 2025. Recently, in March 2026, SEBI issued new guidelines via a circular to strengthen the Custodian’s regulations. Section 11(2)(ba) of the SEBI Act, 1992 empowers SEBI to regulate the working of Custodians, and Sections 9(f) and 13 of the amended Regulations em