law: Companies Act, 2013 
  56.
  
    Transfer
  
  and transmission of securities.
  1.      A company shall not
  
  register a transfer of securities of the company, or the interest of a member
  
  in the company in the case of a company having no share capital, other than the
  
  transfer between persons both of whose names are entered as holders of
  
  beneficial interest in the records of a depository, unless a proper instrument
  
  of transfer, in such form as may be prescribed, duly stamped, dated and
  
  executed by or on behalf of the transferor and the transferee and specifying
  
  the name, address and occupation, if any, of the transferee has been delivered
  
  to the company by the transferor or the transferee within a period of sixty
  
  days from the date of execution, along with the certificate relating to the
  
  securities, or if no such certificate is in existence, along with the letter of
  
  allotment of securities:
  Provided
  
  that where the instrument of transfer has been lost or the instrument of
  
  transfer has not been delivered within the prescribed period, the company may
  
  register the transfer on such terms as to indemnity as the Board may think fit.
  1.     
  2.      Nothing in
  
  sub-section (1 ) shall prejudice the power of the company to register, on
  
  receipt of an intimation of transmission of any right to securities by
  
  operation of law from any person to whom such right has been transmitted.
  3.      Where an application
  
  is made by the transferor alone and relates to partly paid shares, the transfer
  
  shall not be registered, unless the company gives the notice of the
  
  application, in such manner as may be prescribed, to the transferee and the
  
  transferee gives no objection to the transfer within two weeks from the receipt
  
  of notice.
  4.      Every company shall,
  
  unless prohibited by any provision of law or any order of Court, Tribunal or
  
  other authority, deliver the certificates of all securities allotted,
  
  transferred or transmitted—
  a.     
  
    within
  
  a period of two months from the date of incorporation, in the case of
  
  subscribers to the memorandum;
  b.    
  
    within
  
  a period of two months from the date of allotment, in the case of any allotment
  
  of any of its shares;
  c.     
  
    within
  
  a period of one month from the date of receipt by the company of the instrument
  
  of transfer under sub-section (1 ) or, as the case may be, of the
  
  intimation of transmission under sub-section (2 ), in the case of a
  
  transfer or transmission of securities;
  d.    
  
    within
  
  a period of six months from the date of allotment in the case of any allotment
  
  of debenture:
  Provided
  
  that where the securities are dealt with in a depository, the company shall
  
  intimate the details of allotment of securities to depository immediately on
  
  allotment of such securities.
  1.     
  2.     
  3.     
  4.     
  5.      The transfer of any
  
  security or other interest of a deceased person in a company made by his legal
  
  representative shall, even if the legal representative is not a holder thereof,
  
  be valid as if he had been the holder at the time of the execution of the
  
  instrument of transfer.
  6.      Where any default is
  
  made in complying with the provisions of sub-sections (1 ) to (5 ),
  
  the company shall be punishable with fine which shall not be less than
  
  twenty-five thousand rupees but which may extend to five lakh rupees and every
  
  officer of the company who is in default shall be punishable with fine which
  
  shall not be less than ten thousand rupees but which may extend to one lakh
  
  rupees.
  7.      Without prejudice to
  
  any liability under the Depositories Act, 1996, where any depository or
  
  depository participant, with an intention to defraud a person, has transferred
  
  shares, it shall be liable under section 447.