What are the rights and Obligations of Depository Participants?
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The rights and obligations of Depositories, depository participants, issuers and beneficial owners are spelt out clearly in the Depositors Act 1996. Depositories function for shorter settlement cycles and immediate transfer of title of securities. Central Depository and depository participants are set up for this purpose.
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Every depository shall, on receipt of intimation from a participant, register the transfer of security in the name of the transferee.
The beneficial owner shall be entitled to all the rights and benefits and be subjected to all the liabilities in respect of his securities held by a depository.
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