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The Schedule 3 – The Depositories Act, 1996

The Depositories Act, 1996

 

THE SCHEDULE- 3

 

III AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 (42 OF 1956).

 

1. In section 2, for clause (i), the following clause shall be substituted, namely :-

 

‘(i) “spot delivery contract” means a contract which provides for, –

 

(a) actual delivery of securities and the payment of a price therefore either on the same day as the date of the contract or on the next day, the actual periods taken for the dispatch of the securities or the remittance of money therefore through the post being excluded from the computation of the period aforesaid if the parties to the contract do not reside in the same town or locality;

 

(b) transfer of the securities by the depository from the account of a beneficial owner to the account of another beneficial owner when such securities are dealt with by a depository;’.

 

2. Section 22A shall be omitted.

 

 

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The Depositories Act, 1996

 

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