THE DEPOSITORIES ACT, 1996 · RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS AND BENEFICIAL OWNERS
Section 9 — Securities in depositories to be in fungible form
(1)All securities held by a depository shall be dematerialised and shall be in a fungible form.
1[(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to a depository in respect of securities held by it on behalf of the beneficial owners.]