26Power of depositories to make bye-laws
(1) A depository shall, with the previous approval of the Board, make bye-laws consistent with the provisions of this Act and the regulations.
(2) In particular, and without prejudice to the generality of the foregoing power, such bye-laws shall provide for--
(a) the eligibility criteria for admission and removal of securities in the depository;
(b) the conditions subject to which the securities shall be dealt with;
(c) the eligibility criteria for admission of any person as a participant;
(d) the manner and procedure for dematerialisation of securities;
(e) the procedure for transactions within the depository;
(f) the manner in which securities shall be dealt with or withdrawn from a depository;
(g) the procedure for ensuring safeguards to protect the interests of participants and beneficial owners;
(h) the conditions of admission into and withdrawal from a participant by a beneficial owner;
(i) the procedure for conveying information to the participants and beneficial owners on dividend declaration, shareholder meetings and other matters of interest to the beneficial owners;
(j) the manner of distribution of dividends, interest and monetary benefits received from the company among beneficial owners;
(k) the manner of creating pledge or hypothecation in respect of securities held with a depository;
(l) inter se rights and obligations among the depository, issuer, participants and beneficial owners;
(m) the manner and the periodicity of furnishing information to the Board, issuer and other persons;
(n) the procedure for resolving disputes involving depository, issuer, company or a beneficial owner;
(o) the procedure for proceeding against the participant committing breach of the regulations and provisions for suspension and expulsion of participants from the depository and cancellation of agreements entered with the depository;
(p) the internal control standards including procedure for auditing, reviewing and monitoring.
(3) Where the Board considers it expedient so to do, it may, by order in writing, direct a depository to make any bye-laws or to amend or revoke any bye-laws already made within such period as it may specify in this behalf.
(4) If the depository fails or neglects to comply with such order within the specified period, the Board may make the bye-laws or amend or revoke the bye-laws made either in the form specified in the order or with such modifications thereof as the Board thinks fit
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- 22 Cognizance of offences by court
- 22A Composition of certain offences
- 22B Power to grant immunity
- 22C Establishment of Special Court
- 22D Offences triable by Special Court
- 22E Appeal and revisio
- 22F Application of Code to proceedings before Special Cour
- 22G Transitional provisions
- 23 Appeals
- 23A Appeal to Securities Appellate Tribunal
- 23B Procedure and powers of Securities Appellate Tribunal
- 23C Right to legal representation
- 23D Limitations
- 23E Civil Court not to have jurisdictio
- 23F Appeal to Supreme Cour
- 24 Power of Central Government to make rules
- 25 Power of Board to make regulations
- 26 Power of depositories to make bye-laws
- 27 Rules and regulations to be laid before Parliament
- 28 Application of other laws not barred
- 29 Removal of difficultie
- 30 Repealed.
- 30A Validation of certain acts
- 31 Repeal and saving