law: Government Securities Act 2006
  4.
  
  Subsidiary general ledger account. -
  1.   A subsidiary general
  
  ledger account including a constituents' subsidiary general ledger account and
  
  a bond ledger account may be opened and maintained by the Bank subject to such
  
  conditions and restrictions as may be specified and in such form and on payment
  
  of such fee as may be prescribed.
  2.   Notwithstanding
  
  anything contained in the Benami Transactions (Prohibition) Act, 1988, or any
  
  other law for the time being in force, the Government securities may be held on
  
  behalf of a constituent in a constituents' subsidiary general ledger account
  
  under sub-section (1) and the holder of such account shall be deemed to be the
  
  holder of the securities held in that account: Provided that the constitutent
  
  as a beneficial owner of the Government security shall be entitled to claim
  
  from the holder all the benefits and be subjected to all the liabilities in
  
  respect of the Government securities held in the constituents' subsidiary
  
  general ledger account.
  3.   The holder of a
  
  constituents' subsidiary general ledger account shall maintain such records and
  
  adopt such procedure for safeguarding the interests of the constituents as may
  
  be specified.