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of <h1>Applying for Securities with Fake Names Faces Penalties Under Section 38 of Companies Act 2013; Section 447 Applies</h1> Under Section 38 of the Companies Act, 2013, any individual who applies for securities in a fictitious name, submits multiple applications under different names, or induces a company to allocate or transfer securities to a fictitious name, is subject to penalties under Section 447. These provisions must be clearly stated in all company prospectuses and application forms for securities. Upon conviction, the court may order the disgorgement of any gains and the seizure of securities, with proceeds credited to the Investor Education and Protection Fund.
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