Section 3(3) in National Housing Bank (Issue And Management Of Bonds) Regulations, 1989
(3)A Bond issued in the form of stock certificate and registered in the books of the National Housing Bank shall be transferable either wholly or in part by execution of an instrument of transfer in Form A. The transfer or in such a case shall be deemed to be holder of the Bonds issued in the form of stock certificate to which the transfer relates until the name of the transferee is registered by the National Housing Bank.
