Permission of the Board required for most securities contracts; exceptions include spot, derivatives, pre-emption and delivery-settled options. SEBI rescinds its prior notification and prohibits entering into contracts for sale or purchase of securities except with the permission of the Board, while specifying exceptions: spot delivery contracts; permissible securities or derivatives contracts under the securities enactments and exchange rules; pre-emption, right of first refusal, tag along and drag along rights in shareholders agreements; and shareholders agreement options for sale or purchase where ownership is continuously held, applicable laws govern consideration, and settlement is by actual delivery. These exceptions must comply with the Foreign Exchange Management Act and do not validate prior contracts.