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of <h1>Clarification on Declaration of Beneficial Interests Rules: Banks Exempt from Declaring Shares Held as Security for Stock Exchanges.</h1> The circular addresses the scope of the section related to declarations by individuals not holding beneficial interest in shares, specifically under the Declaration of Beneficial Interests in Shares Rules, 1975. It clarifies that these rules do not apply to banks holding shares deposited by stock exchanges as security, as this practice is governed by the Securities Contract (Regulation) Act. The Department of Legal Affairs has been consulted, and it is determined that the banks' role in holding these shares does not require adherence to the declaration rules, given the regulatory framework in place.
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