law: Depositories Act, 1996 
  9. Securities in depositories to be in fungible form 
  (1) All securities held by a depository shall be dematerialized
  
  and shall be in a fungible form.
   2  [(2) Nothing contained in sections 153, 153A, 153B, 187B,
  
  187C and 372 of the Companies Act, 1956 (1 of 1956), shall apply to a
  
  depository in respect of securities held it on behalf of the beneficial
  
  owners.]