Section 104

(1)

The Authority may require that a central securities depository may hold securities only in dematerialised form or may permit a central securities depository to both hold certificated securities and securities in dematerialised form and the central securities depository is required to have systems and procedures to ensure that the number of dematerialised securities recorded as held in the central securities depository is equal to the number of securities actually deposited in the central securities depository.

Entries in central securities depository accounting documents reducing the account of the transferor and increasing the account of a transferee are the only effective method to transfer ownership rights in the securities if the securities are either held by the central securities depository or are evidenced in de materialised form through accounts of the central securities depository.

All securities indicated in the records of a central securities depository are transferable without regard to specific shares or certificate numbers. Pledges 1317

The owners of securities indicated on the records of a central securities depository or its members are entitled to all rights of ownership with respect to such securities without limitation.