Illegality of contracts in notified areas restricts securities dealings to recognised stock exchange members and approved channels. Where the Central Government (or SEBI under delegated powers) notifies a State or area, every securities contract entered into thereafter is illegal unless made between members of a recognised stock exchange in that State or area or effected through or with such a member; contracts between members of two or more recognised stock exchanges remain permissible only on terms and with prior permissions stipulated by the exchanges with prior approval of the Securities and Exchange Board of India.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Illegality of contracts in notified areas restricts securities dealings to recognised stock exchange members and approved channels.
Where the Central Government (or SEBI under delegated powers) notifies a State or area, every securities contract entered into thereafter is illegal unless made between members of a recognised stock exchange in that State or area or effected through or with such a member; contracts between members of two or more recognised stock exchanges remain permissible only on terms and with prior permissions stipulated by the exchanges with prior approval of the Securities and Exchange Board of India.
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