Sweeping Changes In Depositories Act In Budget Session

Provisions to permit the scrips and units of all nationalised banks and financial institutions to participate in the depository system. To provide for appeal by a company to the Company Law Board (CLB) to refuse illegitimate share transfer, Limiting foreign participation in sponsoring a depository to 20 per cent and,Limiting the dematerialisation of shares only to listed companies.

The amendments to bring the scrips and units of nationalised banks and institutions will be two-pronged