Section 13 in The Depositories Act, 1996

Title: Furnishing of information and records by depository and issuer

Description: (1) Every depository shall furnish to the issuer information about the transfer of securities in the name of beneficial owners at such intervals and in such manner as may be specified by the bye-laws. (2) Every issuer shall make available to the depository copies of the relevant records in respect of securities held by such depository.

Title: Option to opt out in respect of any security

Description: (1) If a beneficial owner seeks to opt out of a depository in respect of any security he shall inform the depository accordingly. (2) The depository shall on receipt of intimation under sub-section (1) make appropriate entries in its records and shall inform the issuer. (3) Every issuer shall, within thirty days of the receipt of intimation from the depository and on fulfilment of such conditions and on payment of such fees as may be specified by the regulations, issue the certificate of securities to the beneficial owner or the transferee, as the case may be.

Title: Act 18 of 1891 to apply to depositories

Description: The Bankers' Books Evidence Act, 1891 shall apply in relation to a depository as if it were a bank as defined in section 2 of that Act.

Title: Depositories to indemnify loss in certain cases

Description: (1) Without prejudice to the provisions of any other law for the time being in force, any loss caused to the beneficial owner due to the negligence of the depository or the participant, the depository shall indemnify such beneficial owner. (2) Where the loss due to the negligence of the participant under sub-section (1) is indemnified by the depository, the depository shall have the right to recover the same from such participant.

Title: Rights and obligations of depositories, etc

Description: (1) Subject to the provisions of this Act, the rights and obligations of the depositories, participants and the issuers whose securities are dealt with by a depository shall be specified by the regulations. (2) The eligibility criteria for admission of securities into the depository shall be specified by the regulations.