The Depositories Act, 1996 – All Sections

An Act to provide for regulation of depositories in securities and for matters connected therewith or incidental thereto.

The Depositories Act, 1996 has 56 sections in 5 chapters, amended 9 times. Each link below opens the official text of that section. Official PDF on India Code.

The Depositories Act, 1996 PDF

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Official copy of the Act from India Code (Legislative Department, Government of India).

All sections of the Depositories Act, 1996

Chapter I: PRELIMINARY

Section 1 – Short title, extent and commencement
Section 2 – Definitions

Chapter II: CERTIFICATE OF COMMENCEMENT OF BUSINESS

Section 3 – Certificate of commencement of business by depositories

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

Chapter V: MISCELLANEOUS

Section 20 – Offences
Section 21 – Offences 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 – Limitations
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 (omitted/repealed)
Section 30A – Validation of certain acts
Section 31 – Repeal and saving (omitted/repealed)