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Section 16 – The Depositories Act, 1996

The Depositories Act, 1996

 

16. DEPOSITORIES TO INDEMNIFY LOSS IN CERTAIN CASES.

 

(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.

 

 

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The Depositories Act, 1996

 

Indian Laws – Bare Acts

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