(1) All securities held by a depository shall be
dematerialised and shall be in a fungible form.
1 [(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to a depository in respect of securities held by it on behalf of the beneficial owners.]
1. Subs. by Act 8 of 1997, s. 22, for sub-section (2) (w.e.f. 15-1-1997).
1 [(2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to a depository in respect of securities held by it on behalf of the beneficial owners.]
1. Subs. by Act 8 of 1997, s. 22, for sub-section (2) (w.e.f. 15-1-1997).