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CHAPTER III RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS AND BENEFICIAL OWNERS

Section 9: Securities in depositories to be in fungible form

The Depositories Act, 1996

(1) All securities held by a depository shall be dematerialised and shall be in a fungible form.

1[(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to a depository in respect of securities held by it on behalf of the beneficial owners.]

Footnotes in the official text

  1. 1.Subs. by Act 8 of 1997, s. 22, for sub-section (2) (w.e.f. 15-1-1997).