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Sec 18, Depositories Act 1996: Power of Board to Call for Info & Enquiry

Section 18 (Power of Board to call for information and enquiry) under Chapter IV (Enquiry and Inspection) of the Depositories Act 1996 ⦂‒

❝(1) The Board, on being satisfied that it is necessary in the public interest or in the interest of investors so to do, may, by order in writing,—
 (a) call upon any issuer, depository, participant or beneficial owner to furnish in writing such information relating to the securities held in a depository as it may require; or
 (b) authorise any person to make an enquiry or inspection in relation to the affairs of the issuer, beneficial owner, depository or participant, who shall submit a report of such enquiry or inspection to it within such period as may be specified in the order.

(2) Every director, manager, partner, secretary, officer or employee of the depository or issuer or the participant or beneficial owner shall on demand produce before the person making the enquiry or inspection all information or such records and other documents in his custody having a bearing on the subject matter of such enquiry or inspection.❞



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Notes:

The Depositories Act 1996 was amended by the:
- Depositories Related Laws (Amendment) Act, 1997 (Act No. 08 of 1997);
- Securities Laws (Second Amendment) Act, 1999 (Act No. 32 of 1999);
- Securities Laws (Amendment) Act, 2004 (Act No. 01 of 2005);
- Securities Laws (Amendment) Act, 2014 (Act No. 27 of 2014);
- Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016 (Act No. 44 of 2016);
- Finance Act, 2017 (Act No. 07 of 2017).

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