Act 22 of 1996

The Depositories Act, 1996

An Act to provide for regulation of depositories in securities and for matters connected therewith or incidental thereto.

  • Ministry of Finance
  • Department of Economic Affairs
  • Enacted 1996-08-10
  • 60 sections
SectionTitle
1 Short title, extent and commencement. Read
2 Definitions. Read
3 Certificate of commencement of business by depositories. Read
4 Agreement between depository and participant. Read
5 Services of depository. Read
6 Surrender of certificate of security. Read
7 Registration of transfer of securities with depository. Read
8 Options to receive security certificate or hold securities with depository. Read
9 Securities in depositories to be in fungible form. Read
10 Rights of depositories and beneficial owner. Read
11 Register of beneficial owner. Read
12 Pledge or hypothecation of securities held in a depository. Read
13 Furnishing of information and records by depository and issuer. Read
14 Option to opt out in respect of any security. Read
15 Act 18 of 1891 to apply to depositories. Read
16 Depositories to indemnify loss in certain cases. Read
17 Rights and obligations of depositories, etc. Read
18 Power of Board to call for information and enquiry. Read
19 Power of Board to give directions in certain cases. Read
19A Penalty for failure to furnish information, return, etc. Read
19B Penalty for failure to enter into an agreement. Read
19C Penalty for failure to redress investors‟ grievances. Read
19D Penalty for delay in dematerialisation or issue of certificate of securities. Read
19E Penalty for failure to reconcile records. Read
19F Penalty for failure to comply with directions issued by Board under section 19 of the Act. Read
19FA Penalty for conduct business in a fair manner.Read
19G Penalty for contravention where no separate penalty has been provided. Read
19H Power to adjudicate. Read
19-I Factors to be taken into account by adjudicating officer.Read
19-IA Settlement of Administrative and Civil ProceedingsRead
19-IB Recovery of amounts.Read
19-IC Continuance of proceedings.Read
19J Crediting sums realised by way of penalties to Consolidated Fund of India.Read
20 OffencesRead
21 Offences by companies.Read
22 Cognizance of offences by courtsRead
22A Composition of certain offences.Read
22B Power to grant immunity.Read
22C Establishment of Special CourtsRead
22D Offences triable by Special CourtsRead
22E Appeal and revisionRead
22F Application of Code to proceedings before Special CourtRead
22G Transitional provisions.Read
23 Appeals.Read
23A Appeal to Securities Appellate Tribunal.Read
23B Procedure and powers of Securities Appellate Tribunal.Read
23C Right to legal representation.Read
23D Limitations.Read
23E Civil Court not to have jurisdictionRead
23F Appeal to Supreme CourtRead
23G Powers of Board not to apply to International Financial Services Centre.Read
24 Power of Central Government to make rules.Read
25 Power of Board to make regulations.Read
26 Power of depositories to make bye-laws.Read
27 Rules and regulations to be laid before Parliament.Read
28 Application of other laws not barred.Read
29 Removal of difficultiesRead
30 Repealed..Read
30A Validation of certain acts.Read
31 Repeal and saving.Read
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