Depositories Act : Surrender of certificate of security. Indian Bare Acts :

Depositories Act,1996

Act No : 22

Section : Surrender of certificate of security.

6. Surrender of certificate of security. (1) Any person who has entered into an agreement under section 5 shall surrender the certificate of security, for which he seeks to avail the services of a depository, to the issuer in such manner as may be specified by the regulations. (2) The issuer, on receipt of certificate of security under sub- section (1), shall cancel the certificate of security and substitute in its records the name of the depository as a registered owner in respect of that security and inform the depository accordingly. (3) A depository shall, on receipt of information under subsection (2), enter the name of the person referred to in sub- section (1) in its records, as the beneficial owner.