law: Depositories Act, 1996 
  26. Power of depositories to make bye-laws 
  (1) A depository shall, with the previous approval of the Board,
  
  make bye-laws consistent with the provisions of this Act and the regulations.
  (2) In particular, and without prejudice to the generality of
  
  the foregoing power, such bye-laws shall provide for- 
  (a) the eligibility criteria for admission and
  
  removal of securities in the depository;
  (b) the conditions subject to which the
  
  securities shall be dealt with;
  (c) the eligibility criteria for admission of
  
  any person as a participant;
  (d) the manner and procedure for
  
  dematerialization of securities;
  (e) the procedure for transactions within the
  
  depository;
  (f) the manner in which securities shall be
  
  dealt with or withdrawn from a depository;
  (g) the procedure for ensuring safeguards to
  
  protect the interests of participants and beneficial owners;
  (h) the conditions of admission into and
  
  withdrawal from a participant by a beneficial owner;
  (i) the procedure for conveying information to
  
  the participants and beneficial owners on dividend declaration, shareholder
  
  meetings and other matters of interest to the beneficial owners;
  (j) the manner of distribution of dividends,
  
  interest and monetary benefits received from the company among beneficial
  
  owners;
  (k) the manner of creating pledge or
  
  hypothecation in respect of securities held with a depository;
  (l) inter se rights and obligations among the
  
  depository, issuer, participants, and beneficial owners;
  (m) the manner and the periodicity of
  
  furnishing information to the Board, issuer and other persons;
  (n) the procedure for resolving disputes
  
  involving depository, issuer, company or a beneficial owner;
  (o) the procedure for proceeding against the
  
  participant committing breach of the regulations and provisions for suspension
  
  and expulsion of participants from the depository and cancellation of
  
  agreements entered with the depository;
  (p) the internal control standards including
  
  procedure for auditing, reviewing and monitoring.
  (3) Where the Board considers it expedient so to do, it may, by
  
  order in writing, direct a depository to make any bye-laws or to amend or
  
  revoke any bye-laws already made within such period as it may specify in this
  
  behalf.
  (4) If the depository fails or neglects to comply with such
  
  order within the specified period, the Board may make the bye-laws or amend or
  
  revoke the bye-laws made either in the form specified in the order or with such
  
  modifications thereof as the Board thinks fit.