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<h1>SEBI Enforces New Rules on Securities Contracts; Requires Permission for Trading, Except in Specified Cases u/ss 16 & 28.</h1> The Securities and Exchange Board of India (SEBI) issued a notification under Sections 16 and 28 of the Securities Contracts (Regulation) Act, 1956, rescinding a previous notification from March 1, 2000. The notification restricts individuals from entering contracts for the sale or purchase of securities without SEBI's permission, except for specified contracts such as spot delivery, permissible derivatives, and certain shareholder agreements. These contracts must comply with the Foreign Exchange Management Act, 1999, and relevant regulations. The notification does not affect contracts made prior to its issuance and clarifies conditions for valid contracts involving government and other specified securities.