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of <h1>Investor Protection Fund: Depositories Must Contribute 5% of Profits, Not for Indemnification per Section 16, Depositories Act 1996.</h1> Every depository must establish and maintain an Investor Protection Fund to safeguard the interests of beneficial owners. However, this fund cannot be used to indemnify beneficial owners as per section 16 of the Depositories Act, 1996. Depositories are required to contribute five percent, or a percentage specified by the Securities and Exchange Board of India (SEBI), of their annual profits from depository operations to this fund. The contribution and use of the fund must adhere to norms specified by SEBI.
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