Dematerialisation process: obligations on owners, participants, issuers and depositories to surrender certificates and update records promptly. Regulation 74 requires a beneficial owner with a participant agreement to surrender the physical certificate (directly or through a custodian) and notify the participant; the participant must forward details to the depository, confirm the agreement, maintain records and provide the issuer with certificate details and the physical certificate within the prescribed period. The issuer must verify listing where applicable, confirm to the depository, cancel and mutilate the physical certificate, substitute the depository as registered owner in its records and send confirmations to the depository and stock exchanges. The depository must then record the beneficial owner and notify the participant.