In the Securities and Exchange Board of India (Depositories and Participants) Regulations, 1996 -
(i) for regulation 32, the following shall be substituted, namely:-
Mechanism for investor protection.
32.
The depository shall satisfy the Board (means SEBI) that it has a mechanism in place to ensure that the interests of the persons buying and selling securities held in the depository are adequately protected."
Its worth to read the Old Provision (which is repealed) to track the difference:
Erstwhile Regulation 32,
32. Transfer to be affected only after payment.—The depository shall satisfy the Board that it has a mechanism in place to ensure that the interest of the persons buying and selling securities held in the depository are adequately protected and shall register the transfer of a security in the name of the transferee only after the depository is satisfied that payment for such transfer has been made.
Click to see amendment through SEBI (Depositories and Participants) (Second Amendment) Regulations, 2008 w.e.f. 8th August 2008.
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