The Depositories Act, 1996 (Act No. 22 of 1996)
Complete section-by-section text of the Depositories Act, 1996, as amended up to the Jan Vishwas (Amendment of Provisions) Act, 2018 and the International Financial Services Centres Authority Act, 2019.
Chapter I — Preliminary
Chapter II — Certificate of Commencement of Business
Chapter III — 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.
Chapter IV — 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 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 failure to conduct business in a fair manner
- Section 19G: Penalty for contravention where no separate penalty has been provided
- Section 19H: Power to adjudicate
- Section 19-I: Factors to be taken into account 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 19J: Crediting sums realised by way of penalties to Consolidated Fund of India
Chapter V — Miscellaneous
- Section 20: Offences
- Section 21: Contravention by companies
- 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 23G: Powers of Board not to apply to International Financial Services Centre
- 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
