The Securities and Exchange Board of India vide notification dated 31st December, 2021 has issued the Securities and Exchange Board of India (Vault Managers) Regulations, 2021. As per the regulation, any person intending to carry on the business as a Vault Manager on or after the commencement of these regulations shall make an application to the Board for grant of a certificate of registration. For the purpose of grant of certificate of registration, the applicant shall fulfil the following criteria, namely:
(a) The applicant shall be a body corporate incorporated in India.
(b) The applicant shall have the minimum net worth of fifty crores rupees.
(c) The applicant shall furnish refundable Financial Security Deposit as may be specified by the Board.
(d) The applicant shall have the infrastructure as specified by the Board for safe deposit, storage and withdrawal of gold.
(e) The applicant shall have adequate insurance to cover losses as may be specified by the Board.
(f) The applicant shall have a Standard Operating Procedure (SOP) in respect of all the recognized vaults.
