THE DEPOSITORIES ACT, 1996

ACT NO. 22 OF 1996 · Enacted [10th August, 1996.] · 59 sections

PRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

CERTIFICATE OF COMMENCEMENT OF BUSINESS

Section 3.Certificate of commencement of business by depositories.

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

Section 4.Agreement between depository and participant.

Section 5.Services of depository.

Section 6.Surrender of certificate of security.

Section 7.Registration of transfer of securities with depository.

Section 8.Options to receive security certificate or hold securities with depository.

Section 9.Securities in depositories to be in fungible form.

Section 10.Rights of depositories and beneficial owner.

Section 11.Register of beneficial owner.

Section 12.Pledge or hypothecation of securities held in a depository.

Section 13.Furnishing of information and records by depository and issuer.

Section 14.Option to opt out in respect of any security.

Section 15.Act 18 of 1891 to apply to depositories.

Section 16.Depositories to indemnify loss in certain cases.

Section 17.Rights and obligations of depositories, etc.

ENQUIRY AND INSPECTION

Section 18.Power of Board to call for information and enquiry.

Section 19.Power of Board to give directions in certain cases.

Section 19-I.Factors to be taken into while adjudging quantum of penalty.

Section 19-IA.Settlement of Administrative and Civil Proceedings.

Section 19-IB.Recovery of amounts.

Section 19-IC.Continuance of proceedings.

Section 19A.Penalty for failure to furnish information, return, etc.

Section 19B.Penalty for failure to enter into an agreement.

Section 19C.Penalty for failure to redress investors‟ grievances.

Section 19D.Penalty for delay in dematerialisation or issue of certificate of securities.

Section 19E.Penalty for failure to reconcile records.

Section 19F.Penalty for failure to comply with directions issued by Board under section 19 of the Act.

Section 19FA.Penalty for conduct business in a fair manner.

Section 19G.Penalty for contravention where no separate penalty has been provided.

Section 19H.Power to adjudicate.

Section 19J.Crediting sums realised by way of penalties to Consolidated Fund of India.

MISCELLANEOUS

Section 20.Offences.

Section 21.Contravention by companies.

[OMITTED.].

Section 22.Cognizance of offences by courts.

Section 22A.Composition of certain offences.

Section 22B.Power to grant immunity.

Section 22C.Establishment of Special Courts.

Section 22D.Offences triable by Special Courts.

Section 22E.Appeal and revision.

Section 22F.Application of Code to proceedings before Special Court.

Section 22G.Transitional provisions.

Section 23.Appeals.

Section 23A.Appeal to Securities Appellate Tribunal.

Section 23B.Procedure and powers of Securities Appellate Tribunal.

Section 23C.Right to legal representation.

Section 23D.Limitation.

Section 23E.Civil Court not to have jurisdiction.

Section 23F.Appeal to Supreme Court.

Section 24.Power of Central Government to make rules.

Section 25.Power of Board to make regulations.

Section 26.Power of depositories to make bye-laws.

Section 27.Rules and regulations to be laid before Parliament.

Section 28.Application of other laws not barred.

Section 29.Removal of difficulties.

Section 30.[Repealed.]

Section 30A.Validation of certain acts.

Section 31.Repeal and saving.