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Third Party Custody Agreement

Third Party Custody Agreement Template for India

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Key Requirements PROMPT example:

Third Party Custody Agreement

"I need a Third Party Custody Agreement for my mutual fund company based in Mumbai, with specific provisions for handling both domestic and international securities, including automated corporate actions processing and online reporting capabilities."

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Document background
The Third Party Custody Agreement is essential for financial institutions and investors operating in India who require professional custody services for their securities and assets. This agreement is particularly relevant in the context of Indian financial markets, where custodial services are regulated by the Securities and Exchange Board of India (SEBI) under the SEBI (Custodian of Securities) Regulations, 1996. The document establishes the legal framework for the appointment of a custodian, detailing their responsibilities for safekeeping assets, processing corporate actions, facilitating settlements, maintaining records, and ensuring regulatory compliance. It is commonly used by institutional investors, mutual funds, insurance companies, and other entities requiring professional custody services for their investment portfolios in India. The agreement must incorporate specific Indian regulatory requirements while addressing international best practices for custody services.
Suggested Sections

1. Parties: Identifies and provides details of the principal client, the custodian, and any other relevant parties

2. Background: Sets out the context of the agreement and the intention to appoint the custodian

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Authority: Formal appointment of the custodian and scope of authority

5. Duties and Responsibilities of Custodian: Comprehensive listing of core custodial services and obligations

6. Client Obligations: Responsibilities and obligations of the client

7. Fees and Charges: Details of compensation, fee structure, and payment terms

8. Instructions and Communications: Procedures for giving and receiving instructions between parties

9. Custody of Assets: Provisions regarding safekeeping, segregation, and handling of assets

10. Records and Reporting: Requirements for maintenance of records and reporting obligations

11. Compliance and Regulatory Matters: Regulatory compliance obligations and requirements

12. Representations and Warranties: Standard representations and warranties from all parties

13. Liability and Indemnification: Scope of liability, limitations, and indemnification provisions

14. Confidentiality: Provisions regarding confidential information handling

15. Term and Termination: Duration of agreement and termination provisions

16. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

Optional Sections

1. Sub-Custodian Arrangements: Provisions regarding appointment and oversight of sub-custodians, included when sub-custody arrangements are anticipated

2. Foreign Investment Provisions: Specific provisions for handling foreign investments, included when dealing with international assets

3. Corporate Actions: Procedures for handling corporate actions, included when custody includes equity securities

4. Securities Lending: Terms for securities lending services, included if securities lending is offered

5. Electronic Access: Terms for electronic access to custody accounts and systems, included if online access is provided

6. Force Majeure: Provisions for extraordinary events, included based on risk assessment

7. Tax Obligations: Specific tax-related services and obligations, included if tax services are provided

8. Insurance: Insurance requirements and coverage details, included based on risk profile

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms

2. Schedule 2 - Authorized Signatories: List of authorized persons who can give instructions

3. Schedule 3 - Service Level Agreement: Detailed service standards and performance metrics

4. Schedule 4 - Operating Procedures: Detailed operational procedures and processes

5. Schedule 5 - Reporting Requirements: Specific reporting formats, frequency, and requirements

6. Appendix A - Account Opening Forms: Standard forms for opening custody accounts

7. Appendix B - Communication Protocols: Detailed procedures for various types of communications

8. Appendix C - Regulatory Compliance Checklist: Checklist of regulatory requirements and compliance procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Affiliate
Applicable Law
Assets
Authorized Person
Business Day
Cash Account
Client
Confidential Information
Corporate Action
Custodian
Custody Account
Custody Services
Dematerialized Securities
Depository
Depository Participant
Effective Date
Electronic Instructions
Eligible Securities
Encumbrance
Event of Default
Force Majeure Event
Foreign Investment
Foreign Portfolio Investment
Income
Instructions
Investment Manager
Market Value
Non-Business Day
Operating Procedures
Physical Securities
Principal
Regulatory Authority
SEBI
Securities
Securities Account
Settlement Date
Sub-Custodian
System
Tax
Term
Transaction
Transfer
Valuation Date
Clauses
Appointment
Authority
Services
Asset Safekeeping
Settlement
Corporate Actions
Income Collection
Record Keeping
Reporting
Instructions
Sub-Custody
Fees and Expenses
Payment
Regulatory Compliance
Representations and Warranties
Covenants
Confidentiality
Data Protection
Intellectual Property
Liability
Indemnification
Force Majeure
Security Interest
Insurance
Tax
Anti-Money Laundering
Account Operations
Electronic Access
Communications
Notices
Amendment
Assignment
Term
Termination
Dispute Resolution
Governing Law
Jurisdiction
Relevant Industries

Banking

Financial Services

Investment Management

Asset Management

Insurance

Pension Funds

Mutual Funds

Securities Trading

Private Equity

Wealth Management

Relevant Teams

Legal

Compliance

Operations

Risk Management

Treasury

Investment Operations

Fund Administration

Securities Services

Client Relations

Finance

Custody Operations

Relevant Roles

Chief Financial Officer

Legal Counsel

Compliance Officer

Investment Manager

Operations Director

Risk Manager

Treasury Manager

Portfolio Manager

Fund Administrator

Custody Operations Manager

Relationship Manager

Securities Services Head

Asset Operations Manager

Head of Investment Operations

Industries
Securities and Exchange Board of India (Custodian of Securities) Regulations, 1996: Primary regulation governing custody services in India, defining requirements, obligations, and operational framework for custodians
Indian Contract Act, 1872: Fundamental law governing contractual relationships, essential for establishing the legal validity and enforceability of the custody agreement
Securities Contracts (Regulation) Act, 1956: Regulates transactions in securities and establishes framework for securities market operations
Indian Trusts Act, 1882: Governs fiduciary relationships and trust obligations, relevant for custodial duties and responsibilities
Prevention of Money Laundering Act, 2002: Establishes KYC requirements and anti-money laundering obligations for financial institutions including custodians
Foreign Exchange Management Act, 1999: Regulates foreign exchange transactions and cross-border asset custody arrangements
Information Technology Act, 2000: Relevant for electronic record keeping and digital communications aspects of custody services
SEBI (Foreign Portfolio Investors) Regulations, 2019: Specific regulations for custody of assets belonging to foreign portfolio investors
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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