The Bankers' Books Evidence Act, 1891 (18 of 1891), shall apply in relation to a depository as if it were a bank as defined in section 2 of that Act.
(a) Any company or corporation carrying on the business of banking;
(b) Any partnership or individual to whose books the provisions of Bankers' Books Evidence Act, 1891 shall have been extended;
(c) Any post office saving bank or a money order office.
(1) Without prejudice to the provisions of any other law for the time being in force, any loss caused to the beneficial owner due to the negligence of the depository or the participant, the depository shall indemnify such beneficial owner.
(2) Where the loss due to the negligence of the participant under sub-section (1) is indemnified by the depository, the depository shall have the right to recover the same from such participant.
(1) Subject to the provisions of this Act, the rights and obligations of the depositories, participants and the issuers whose securities are dealt with by a depository shall be specified by the regulations.
(2) The eligibility criteria for admission of securities into the depository shall be specified by the regulations.
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