Section 10 of the Depositories Act, 1996 – Rights of depositories and beneficial owner

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Section 10: Rights of depositories and beneficial owner

  • (1) Notwithstanding anything contained in any other law for the time being in force, a depository shall be deemed to be the registered owner for the purposes of effecting transfer of ownership of security on behalf of a beneficial owner.
  • (2) Save as otherwise provided in sub-section (1), the depository as a registered owner shall not have any voting rights or any other rights in respect of securities held by it.
  • (3) The beneficial owner shall be entitled to all the rights and benefits and be subjected to all the liabilities in respect of his securities held by a depository.

Source: official text of The Depositories Act, 1996 as published on India Code (PDF). All sections of the Depositories Act, 1996.

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