Bearer stocks are equity certificates where ownership is legally determined by whoever physically holds the paper certificate, rather than by registration in the company's shareholder records. Any holder of the physical certificate is considered the lawful owner and entitled to dividends and voting rights. Due to serious concerns around money laundering, tax evasion, and lack of ownership transparency, bearer stocks have been abolished or heavily restricted across most jurisdictions globally. In India, all listed company shares are mandatorily held in dematerialised form through NSDL and CDSL, making bearer stocks entirely obsolete in the domestic capital market.
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