Can I purchase shares on the record date to become an eligible shareholder for right entitlement?

No, eligible shareholder means you must have a company’s shares in your Demat Account as on the record date. However, if you buy shares on the right issue record date itself, then as per the settlement cycle, it will take T+2 days to credit shares into the Demat account. Therefore, you will not qualify as an Eligible Shareholder to get the Right Entitlement.