The Securities Exchange Board of India on 17.05.2020 has invited public comments on the Consultation Paper on the proposed framework for Gold Exchange in India and draft SEBI (Vault Managers) Regulations, 2021. The draft SEBI (Vault Managers) Regulations, 2021 provides code of conduct for vault managers. The code of conduct provides that while providing vaulting services, the Vault Manager shall:
- Be prompt in vaulting services to the beneficial owners
- Take reasonable care to organize and control its affairs responsibly and effectively, with adequate risk management systems.
- Maintain adequate financial resources.
- Observe proper standards of market conduct.
- Maintain the highest standards of integrity, fairness and professionalism in the discharge of its duties.
