Transfer of securities: registration conditioned on prescribed instruments and delivery, with timelines for certificate issuance and penalties. Transfer registration requires a proper instrument of transfer, duly stamped, dated and executed and delivered within the prescribed period with the certificate or allotment letter; transfers between recorded beneficial holders in a depository are excepted. The company may accept lost or late instruments on indemnity. Transmission by operation of law may be registered on intimation. Partly paid share transfers by transferor alone require notice to the transferee and no objection. Companies must deliver certificates within prescribed timelines and notify depositories immediately when securities are dealt with in a depository. Default attracts statutory penalties and depository fraud incurs specified liability.