law: Depositories Act, 1996 
  10. Rights of depositories and beneficial owner 
  (1) Notwithstanding anything contained in any other law for the
  
  time being in force, a depository shall be deemed to be the registered owner
  
  for the purposes of effecting transfer of ownership of security on behalf of a
  
  beneficial owner.
  (2) Save as otherwise provided in sub-section (1), the
  
  depository as a registered owner shall not have any voting rights or any other
  
  rights in respect of securities held by it.
  (3) The beneficial owner shall be entitled to all the rights and
  
  benefits and be subjected to all the liabilities in respect of his securities
  
  held by a depository.