Dematerialized Listed Shares ('Demat'in short) are listed shares with quoted price that are not on paper and a certificate to that effect does not exist. They exist in the form of entries in the book of depositories. Essentially, unlike the traditional method of possessing a share certificate to the effect of ownership of shares, in the demat system, the shares are held in a dematerialized form. This system works through a bank that is registered with the Securities and Exchange Board of India (SEBI) to perform the functions of a depository as regulated by SEBI.