With uncertificated form, the owner does not receive a physical certificate. Confirmation of rights is provided by a record in the depository account, and proof is provided by a statement from the depositary, which records the account status as of a specific date.
Transfer of rights in a transaction occurs at the moment a credit entry is made to the buyer's account. A practical consequence: it is impossible to physically lose the security, but it cannot be transferred outside the accounting system — all transactions are conducted through the depositary and broker.
In Uzbekistan, shares and bonds are issued in uncertificated form, with centralized accounting. For investors, this means that when choosing a broker, not only the commission size matters, but also the accounting procedure: it is important to understand where exactly the securities are held and how to obtain a statement confirming ownership.