law: 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.