What does the Securities Contracts (Regulation) Act, 1956 permit?
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Answer:
The Securities Contracts (Regulation) Act, 1956 “Act” was enacted in order to prevent undesirable transactions in securities and to regulate the working of stock exchanges in the country. The provision of the Act came into force with effect from 20th February, 1957 vide Notification
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ACT 042 OF 1956 : SECURITIES CONTRACTS (REGULATION) ACT, 1956
4 Sep 1956
[Act 42 of 1956 as amended up to Act 7 of 2017]
[4th September, 1956]
An Act to prevent undesirable transactions in securities by regulating the business of dealing therein, 1[* * *] by providing for certain other matters connected therewith
Be it enacted by Parliament in the Seventh Year of the Republic of India as follows:-
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Prior to amendment by Act 9 of 1995, Preamble read as:
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An Act to prevent undesirable transactions in securities by regulating the business of dealing therein, by prohibiting options and by providing for certain other matters connected therewith
Be it enacted by Parliament in the Seventh Year of the Republic of India as follows:-
1 The words "by prohibiting options and" omitted by Act 9 of 1995, Section 18 (w.e.f. 25-1-1995).
1. Short title, extent and commencement.-(1) This Act may be called the Securities Contracts (Regulation) Act, 1956.
(2) It extends to the whole of India.
(3) It shall come into force on such date1 as the Central Government may, by notification in the Official Gazette, appoint.
1 20-2-1957, vide S.R.O. 528 dated 16-2-1957, See Gazette of India, Extraordinary, 1957, Part II, Section 3, p. 549.