Examine with reasons, whether the following transactions are exempted under the Indian Stamp Act, 1899 : (e) The transfer of beneficial ownership of securities, dealt with by a depository.

As per Section 8A of the of the Indian Stamp Act, 1899, the transfer of registered ownership of securities from a person to a depository or from a depository to a beneficial owner shall not be liable to duty under the Act or any other law for the time being in force. Accordingly, this instrument is not liable to stamp duty.