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Section 7 – Securities Laws (Amendment) Act,2004

Securities Laws (Amendment) Act,2004

Section 7. Amendment of Section 13

In Section 13 of the principal Act,-

(a) for the words “between members of a recognised stock exchange”, the words “between members of a recognised stock exchange or recognised stock exchanges” shall be substituted;

(b) for the words “State or area” wherever they occur, the words “State or States or area” shall be substituted;

(c) the following proviso shall be inserted, namely:-

“Provided that any contract entered into between members of two or more recognised stock exchanges in such State or States or area, shall-

(i) be subject to such terms and conditions as may be stipulated by the respective stock exchanges with prior approval of Securities and Exchange Board of India;

(ii) require prior permission from the respective stock exchanges if so stipulated by the stock exchanges with prior approval of Securities and Exchange Board of India.”.

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Securities Laws (Amendment) Act,2004

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