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of <h1>New Rule 23JC: Legal Reps Liable for Deceased's Securities Debts if Penalties Imposed Pre-Death, Limited to Estate's Capacity.</h1> Clause 154 of the Finance Bill, 2018, proposes the insertion of section 23JC into the Securities Contracts (Regulation) Act, 1956. This section addresses the continuation of proceedings against a deceased person's legal representative. It holds the legal representative liable for any sums the deceased would have owed, provided the penalty was imposed before death. Proceedings for disgorgement, refund, or recovery, excluding penalty levies, initiated before the deceased's death, can continue against the legal representative. The liability is limited to the estate's capacity, and personal liability arises if the representative improperly disposes of the estate's assets.
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