Surrender of certificate of security requires participant notification to depository and issuer confirmation enabling dematerialisation. A beneficial owner with an agreement must surrender physical certificates to the participant (or via custodian); the participant forwards certificate details to the depository, confirms the agreement, maintains records, and furnishes the issuer with the certificate and details. The issuer verifies listing where applicable, confirms to the depository, cancels and mutilates the physical certificate, substitutes the depository as registered owner, and notifies the depository and stock exchanges. The depository records the beneficial owner and participant on receipt of issuer confirmation, and the issuer must maintain records of dematerialised certificates.