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THE DEPOSITORIES ACT, 1996

Title : THE DEPOSITORIES ACT, 1996

Year : 1996

[Act, No. 22 of 1996]
[10th August, 1996]

PREAMBLE

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:-



(1) This Act may be called the Depositories Act, 1996.

(2) It extends to the whole of India.

(3) It shall be deemed to have come into force on the 20th day of September, 1995.



(1) In this Act, unless the context otherwise requires,-

(a) "beneficial owner" means a person whose name is recorded as such with a depository;

(b) "Board" means the Securities and Exchange Board of India established under section 3 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(c) "bye-laws" means bye-laws made by a depository under section 26;

(d) "Company Law Board" means the Board of Company Law Administration constituted under section 10E of the Companies Act, 1956 (l of 1956);

(e) "Depository" means a company formed and registered under the Companies Act, 1956 (l of 1956), and which has been granted a certificate of registration under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(f) "Issuer" means any person making an issue of securities;

(g) "Participant" means a person registered as such under sub-section (1A) of section 12 of the Securities and Exchange Board of India Act, 1992 (15 of 1992);

(h) "Prescribed" means prescribed by rules made under this Act;

(i) "Record" in dudes the records maintained in the form of books or stored in a computer or in such other form as may be determined by regulations;

(j) "Registered owner" means a depository whose name is entered as such in the register of the issuer;

(k) "Regulations" means regulations made by the Board;

1*[(ka) "Securities Appellate Tribunal" means a Securities Appellate Tribunal established under sub-section (1) of section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);]

(l) "Security" means such security as may be specified by the Board;

(m) "Service" means any service connected with recording of allotment of securities or transfer of ownership of Securities in the record of a depository.

(2) Words and expressions used herein and not defined but defined in the Companies Act, 1956 (l of 1956), or the Securities Contracts (Regulation) Act, 1956 (42 of 1956), or the Securities and Exchange Board of India Act, 1992 (15 of 1992), shall have the meanings respectively assigned to them in those Acts.

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1. Inserted by Act 32 of 1999, section 13 (w.e.f. 16-12-1999).

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Last updated on July, 2016

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