Personation in securities applications attracts penal action and possible disgorgement, seizure of securities and fund credit.

Making or abetting fictitious or multiple applications, or otherwise inducing allotment or transfer of securities to a fictitious name, constitutes an offence attracting action under section 447. The prohibition must be prominently reproduced in every prospectus and application form. On conviction the Court may order disgorgement of gains and seizure and disposal of securities, with proceeds credited to the Investor Education and Protection Fund.

---

---

---