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Section 2 of the Depositories Act 1996: Definitions

Section 2 (Definitions) under Chapter I (Preliminary) of the Depositories Act 1996 ⦂‒

❝(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 (15 of 1992);
(c) “bye-laws” means bye-laws made by a depository under section 26;
(d) “Company Law Board” means the Board of Company Law Administration constituted under section 10E of the Companies Act, 1956 (1 of 1956);
(e) “depository” means a company formed and registered under the Companies Act, 1956 (1 of 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 (15 of 1992);
(f) “issuer” means any person making an issue of securities;
(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 (15 of 1992);
(h) “prescribed” means prescribed by rules made under this Act;
(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) “regulations” means the regulations made by the Board;
(ka) “Securities Appellate Tribunal” means a Securities Appellate Tribunal established under sub-section (1) of section 15K of the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(l) “security” means such security as may be specified by the Board;
(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 (1 of 1956) or the Securities Contracts (Regulation) Act, 1956 (42 of 1956) or the Securities and Exchange Board of India Act, 1992 (15 of 1992), shall have the meanings respectively assigned to them in those Acts.❞



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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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