Under the Companies Act 2013, the nature of shares held by a member of a company is BEST described as: 

Section 44 of the Companies Act 2013 explicitly provides that shares or debentures or other interest of any member in a company shall be movable property, transferable in the manner provided by the Articles of Association (AoA). Shares are personal property — not real or immovable property — and their transfer is governed by the company's AoA and applicable SEBI regulations for listed companies. Shares do not require a registered deed for transfer unlike immovable property under the Transfer of Property Act. In case of listed companies, shares in dematerialised form are transferred through the depository system (NSDL/CDSL) by electronic means.