law: Securities Contracts (Regulation) Act, 1956
  
  27.Title to dividends.-
  (1) It shall be lawful
  
  for the holder of any security whose name appears on the books of the company
  
  issuing the said security to receive and retain any dividend declared by the
  
  company in respect thereof for any year, notwithstanding that the said security
  
  has already been transferred by him for consideration, unless the transferee
  
  who claims the dividend from the transferor has lodged the security and all
  
  other documents relating to the transfer which may be required by the company
  
  with the company for being registered in his name within fifteen days of the
  
  date on which the dividend became due.
  Explanation.- The period specified in this section shall be extended-
  (i) in case of death
  
  of the transferee, by the actual period taken by his legal representative to
  
  establish his claim to the dividend;
  (ii) in case of loss
  
  of transfer deed by theft or any other cause beyond the control of the
  
  transferee, by the actual period taken for the replacement thereof; and
  (iii) in case of delay
  
  in the lodging of any security and other documents relating to the transfer due
  
  to causes connected with the post, by the actual period of the delay.
  (2) Nothing contained
  
  in sub-section (1) shall affect-
  (a)
  
  the right of a company to pay the dividend which has become due to any person
  
  whose name is for the time being registered in the books of the company as the
  
  holder of the security in respect of which the dividend has become due; or
  (b)
  
  the right of the transferee of any security to enforce against the transferor or
  
  any other person his rights, if any, in relation to the transfer in any case,
  
  where the company has refused to register the transfer of the security in the
  
  name of the transferee.