1. Short title, extent and commencement. -
(1) This Act may be
called the Depositories Act, 1996.
(2) It extends to the whole of India.
(3) It shall be deemed to have come into force on the 20th day
of September, 1995.
2. Definitions. -
(1) In this Act, unless the context
otherwise requires, -
(a) "beneficial owner" means a person whose name is
recorded as such with a depository;
(b) "Board" means the Securities and Exchange Board of
India established under section 3 of the Securities and
Exchange Board of India Act, 1992;
(c) "bye-laws" means bye-laws made by a depository under
(d) "Company Law Board" means the Board of Company Law
Administration constituted under section 10E of the Companies
(e) "depository" means a company formed and registered
under the Companies Act, 1956 and which has been granted a
certificate of registration under sub-section (1A) of section
12 of the Securities and Exchange Board of India Act, 1992;
(f) "issuer" means any person making an issue of
(g) "participant" means a person registered as such under
sub-section (1A) of section 12 of the Securities and Exchange
Board of India Act, 1992;
(h) "prescribed" means prescribed by rules made under
(i) "record" includes the records maintained in the form
of books or stored in a computer or in such other form as may
be determined by regulations;
(j) "registered owner" means a depository whose name is
entered as such in the register of the issuer;
(k) "regulation : means the regulations made by the Board;
(l) "security" means such security as may be specified by
(m) "service" means any service connected with recording
of allotment of securities or transfer of ownership of
securities in the record of a depository.
(2) Words and expressions used herein and not defined but
defined in the Companies Act, 1956 or the Securities Contracts
(Regulation) Act, 1956 or the Securities and Exchange Board of
India Act, 1992, shall have the meanings respectively assigned
to them in those Act.