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of <h1>Legal Representatives Liable for Deceased's Debts Under Section 23JC of Securities Contracts Act 1956</h1> Section 23JC of the Securities Contracts (Regulation) Act, 1956, outlines the responsibilities of a legal representative when a person dies. The legal representative is liable to pay any sum the deceased would have owed, provided the penalty was imposed before death. Proceedings for disgorgement, refund, or recovery initiated against the deceased can continue against the legal representative. If a legal representative disposes of the deceased's assets before settling liabilities, they are personally liable, limited to the asset's value. The legal representative's liability is confined to the estate's capacity to meet the liability.
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