law: Depositories Act, 1996 
  7. Options to receive security certificate or hold
  
  securities with depository 
  (1) Every person subscribing to securities offered by an issuer
  
  shall have the option either to receive the security certificates or hold
  
  securities with a depository.
  (2) Where a person opts to hold a security with a depository,
  
  the issuer shall intimate such depository the details of allotment of the
  
  security, and on receipt of such information the depository shall enter in its
  
  records the name of tile allottee as the beneficial owner of that security.