(1) If a beneficial owner seeks to opt out of a depository in respect of any security he shall inform the depository accordingly.
     (2) The depository shall on receipt of intimation under sub-section (1) make appropriate entries in its records and shall inform the issuer.
     (3) Every issuer shall, within thirty days of the receipt of intimation from the depository and on fulfilment of such conditions and on payment of such fees as may be specified by the regulations, issue the certificate of securities to the beneficial owner or the transferee, as the case may be.