Section 27(3) in The Small Industries Development Bank Of India (General Regulations), 2000*
(3)Upon receipt by the Board of an instrument of transfer with a request to register the transfer, the Board shall, unless it refuses to register the transfer under section 20-D of the Act, cause the transfer to be registered:Provided that nothing contained in this regulation shall apply to the shares held with a depository. The register of beneficial owners maintained by a depository under section 11 of the Depositories Act, 1996 (22 of 1996) shall deem to be the register of share holders for the purpose of this regulation.
