Section 9 - Securities in depositories to be in fungible form - Depositories Act, 1996

Securities in depositories to be in fungible form. 9. (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 Substituted by the Depositories Related Laws (Amendment) Act, 1997, Sec 22, w.e.f. 15-01-1997. Prior to its substitution sub-section (2) read as under : (2) Nothing contained in sections 153, 153A, 153B, 187B, 187C and 372 of the Companies Act, 1956 (1 of 1956) shall apply to the securities held by a depository on behalf of the beneficial owners.