Registration of Transfer of Securities: depositories must register transfers on participant intimation and inform issuers on custody requests. Section 7 requires a depository to register transfers of securities on receipt of intimation from a participant, and to register transfers in favour of an asset reconstruction company or the issue of new shares to banks, financial institutions, asset reconstruction companies or their assignees where shares arise from conversion of debt. The section further mandates that if a beneficial owner or transferee seeks custody of a security the depository must inform the issuer, and ties the expanded obligations to statutory definitions under the securitisation law.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Registration of Transfer of Securities: depositories must register transfers on participant intimation and inform issuers on custody requests.
Section 7 requires a depository to register transfers of securities on receipt of intimation from a participant, and to register transfers in favour of an asset reconstruction company or the issue of new shares to banks, financial institutions, asset reconstruction companies or their assignees where shares arise from conversion of debt. The section further mandates that if a beneficial owner or transferee seeks custody of a security the depository must inform the issuer, and ties the expanded obligations to statutory definitions under the securitisation law.
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