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of <h1>Depositories Act 1996 delegates authority to regulatory bodies to define rights, obligations, and securities admission criteria through regulations</h1> The Depositories Act, 1996 establishes that rights and obligations of depositories, participants, and issuers handling securities through depositories must be specified through regulations. The Act delegates authority to regulatory bodies to define these rights and obligations rather than prescribing them directly in the statute. Additionally, eligibility criteria for admitting securities into depositories must also be determined through regulations. This framework creates a regulatory structure where detailed operational requirements are established through subordinate legislation rather than primary statutory provisions.
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