CMA Final · Corporate and Economic Laws · SEBI Laws and Regulations
Which of the following is a matter on which a depository's bye-laws must provide under the Depositories Act, 1996?
Depository bye-laws must provide, among other things, for the manner and procedure for dematerialisation of securities, as listed in Section 26(2) of the Depositories Act, 1996. Tax rates, SEBI appointments and issuer penalties are not bye-law matters.
- AThe rate of securities transaction tax on dematerialised trades
- BThe manner and procedure for dematerialisation of securitiesCorrect
- CThe qualifications for appointment of the SEBI Chairman
- DThe penalty payable by an issuer for delayed listing
Explanation
Section 26(2) lists matters for bye-laws, including the manner and procedure for dematerialisation of securities (clause d). The other options relate to tax, SEBI appointments or penalties, which are not bye-law subjects under that list.
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