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<h1>Depositories Act 1996 defines beneficial owners, depositories, participants and establishes SEBI as regulatory authority for securities operations</h1> The Depositories Act, 1996 establishes definitions for key terms in securities depository operations. A beneficial owner is a person whose name is recorded with a depository, while a depository is a company registered under the Companies Act and granted certification by SEBI. The Act defines participants as registered persons, issuers as those making securities issues, and registered owners as depositories entered in issuer registers. It establishes the Securities and Exchange Board of India as the regulatory Board, with provisions for bye-laws, regulations, and appeals through the Securities Appellate Tribunal. The Act covers securities services including recording allotments and ownership transfers, with undefined terms taking meanings from related securities legislation.