Corporate, Banking and Tax
The Depositories Act, 1996
Act 22 of 1996 · 60 sections
Title, date and preamble
[10th August, 1996.]
An Act to provide for regulation of depositories in securities and for matters connected therewith
or incidental thereto.
BE it enacted by Parliament in the Forty-seventh Year of the Republic of India as follows:—
Contents
CHAPTER I PRELIMINARY
CHAPTER II CERTIFICATE OF COMMENCEMENT OF BUSINESS
CHAPTER III RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS AND BENEFICIAL OWNERS
- 4.Agreement between depository and participant
- 5.Services of depository
- 6.Surrender of certificate of security
- 7.Registration of transfer of securities with depository
- 8.Options to receive security certificate or hold securities with depository
- 9.Securities in depositories to be in fungible form
- 10.Rights of depositories and beneficial owner
- 11.Register of beneficial owner
- 12.Pledge or hypothecation of securities held in a depository
- 13.Furnishing of information and records by depository and issuer
- 14.Option to opt out in respect of any security
- 15.Act 18 of 1891 to apply to depositories
- 16.Depositories to indemnify loss in certain cases
- 17.Rights and obligations of depositories, etc
CHAPTER IV ENQUIRY AND INSPECTION
- 18.Power of Board to call for information and enquiry
- 19.Power of Board to give directions in certain cases
- 19A.Penalty for failure to furnish information, return, etc
- 19B.Penalty for failure to enter into an agreement
- 19C.Penalty for failure to redress investors’ grievances
- 19D.Penalty for delay in dematerialisation or issue of certificate of securities
- 19E.Penalty for failure to reconcile records
- 19F.Penalty for failure to comply with directions issued by Board under section 19 of the Act
- 19FA.Penalty for failure to conduct business in a fair manner
- 19G.Penalty for contravention where no separate penalty has been provided
- 19H.Power to adjudicate
- 19I.Factors to be taken into account while adjudging quantum of penalty
- 19IA.Settlement of Administrative and Civil Proceedings
- 19IB.Recovery of amounts
- 19IC.Continuance of proceedings
- 19J.Crediting sums realised by way of penalties to Consolidated Fund of India
CHAPTER V MISCELLANEOUS
OMITTED
- 22.Cognizance of offences by courts
- 22A.Composition of certain offences
- 22B.Power to grant immunity
- 22C.Establishment of Special Courts
- 22D.Offences triable by Special Courts
- 22E.Appeal and revision
- 22F.Application of Code to proceedings before Special Court
- 22G.Transitional provisions
- 23.Appeals
- 23A.Appeal to Securities Appellate Tribunal
- 23B.Procedure and powers of Securities Appellate Tribunal
- 23C.Right to legal representation
- 23D.Limitation
- 23E.Civil court not to have jurisdiction
- 23F.Appeal to Supreme Court
- 23G.Powers of Board not to apply to International Financial Services Centre
- 24.Power of Central Government to make rules
- 25.Power of Board to make regulations
- 26.Power of depositories to make bye-laws
- 27.Rules and regulations to be laid before Parliament
- 28.Application of other laws not barred
- 29.Removal of difficulties
- 30.Amendments to certain enactments
- 30A.Validation of certain acts
- 31.Repeal and saving
Schedules and appendices
Schedules are not yet reproduced here. Read them in the official file; each link opens the page where the Schedule begins.