Taxmann's Securities Laws & Capital Markets (SLCM)

Chapter-wise Marks Distribution S. Chapter No.

2018

2019

Securities Contracts (Regulation) Act, 1956

Securities & Exchange Board of India Act, 1992

Depositories Act, 1996

An Overview of the SEBI (Issue of Capital & Disclosure Requirements) Regulations, 2018

SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015

SEBI (Substantial Acquisition of Shares & Takeovers) Regulations, 2011

2020 D

2021

2022

2023

3.09

4.45

5.5

Average

12.45

13.45

7.72

SEBI (Buy-Back of Securities) Regulations, 2018

6.09

SEBI (Delisting of Equity Shares) Regulations, 2021

4.81

Share Based Employee Benefits

6.18

3.72

5.81

7.36

2.45

10 Issue of Sweat Equity Shares

11 SEBI (Prohibition of Insider Trading) Regulations, 2015 12 Mutual Funds 13 C o l l e c t i v e Schemes

Investment

14 SEBI (Ombudsman) Regulations, 2003

7.09

15 Structure of Capital Market

8.36

I-5

. / ) 4 5 " ) 2 4 3 ) $ 3 + 2 ! % 3 ) 7 2 % 4 0 ! ( #

I-6 S. Chapter No.

2018

2019

2020

2021

2022

2023

Average

16 Capital Market Instruments

17 Important Aspects of Primary Market & Secondary Market

11.54

18 Securities Market Intermediaries

10.54

R E B M E C E $

$ E N U * * E T O .

Previous Exam Trend Analysis

L A C I T C A R 0

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d c

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iii

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Category Dec. 2021

I-7

Marks Que. No.

Chapter Name

Exam

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Category

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Marks d

Chapter Name Que. No. Exam

I-11

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L A C I T C A R 0

iii

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iii

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! ! !

Dec. 2023

Category Marks Chapter Name Que. No. Exam

3 ) 3 9 , ! . ! $ . % 2 4 ! 8 % 3 5 / ) 6 % 2 0

I-12

3 ) 3 9 , ! . ! $ . % 2 4 ! 8 % 3 5 / ) 6 % 2 0

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E V I T P I R C S E $

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Category c

d c

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T T E E K K R R A A S S S E S E S E E E I I I I I R R R R R Y Y A A A A A R R I I I I I A A T S S D D D D D E T T M M E K E E E E I N N I M R E E M M M M R R 0 R A M M R R R R 0 E F U T U E T F T E T E T E T T O O N N N N N R ) R ) L E E T A ) ) ) K SK T SR S T T T T T T TR S T P I N N E E E E E C C A A ) ) K A K K K K EE T R T R R R R P P- E # E K A A A A SY SY K A F R - - - - !R !R R - O A TA TA A E - S S S S ND ND - S R E E E E E N N A A I I I I I U T T T T T L I L T I I I I T A RO A RO T R R R R R C C C T T O O E E U U U U U U I I P P C R C C C C P3 P3 A A E E T E E E M M # 3 3 3 3 ) # 3 3 )

Marks b

iii

Chapter Name Que. No. Exam

I-13

Chapter-wise Comparison with Study Material

R E T P A H #

R E R E R E R R E R E R E R E R E R E R E E T T P T P T T P T P T P T P T P T P T P P P A A A A A A A A A A A H H H H H H H H H H H # # # # # # # # # # #

R E T P A H #

I-15

R E R E R E R E T T P T P T P P A A A A H H H H # # # #

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Study Material Name of Chapter

Chapter No.

Contents % ' ! 0

Chapter-wise Marks Distribution Previous Exam Trend Analysis Chapter-wise Comparison with Study Material

I-5 I-7 I-15

PART I SECURITIES LAWS Chapter 1 SECURITIES CONTRACTS (REGULATION) ACT, 1956

1.3

Chapter 2 SECURITIES & EXCHANGE BOARD OF INDIA ACT, 1992

2.1

Chapter 3 3.1

DEPOSITORIES ACT, 1996

Chapter 4 AN OVERVIEW OF THE SEBI (ISSUE OF CAPITAL & DISCLOSURE

REQUIREMENTS) REGULATIONS, 2018

4.1

Chapter 5 SEBI (LISTING OBLIGATIONS & DISCLOSURE REQUIREMENTS)

REGULATIONS, 2015

5.1

Chapter 6 SEBI (SUBSTANTIAL ACQUISITION OF SHARES & TAKEOVERS)

REGULATIONS, 2011

I-17

6.1

3 4 . % 4 . / #

I-18

% ' ! 0

Chapter 7 SEBI (BUY-BACK OF SECURITIES) REGULATIONS, 2018

7.1

Chapter 8 SEBI (DELISTING OF EQUITY SHARES) REGULATIONS, 2021

8.1

Chapter 9 SHARE BASED EMPLOYEE BENEFITS

9.1

Chapter 10 10.1

ISSUE OF SWEAT EQUITY

Chapter 11 SEBI (PROHIBITION OF INSIDER TRADING) REGULATIONS, 2015

11.1

Chapter 12 12.1

MUTUAL FUNDS

Chapter 13 COLLECTIVE INVESTMENT SCHEMES

13.1

Chapter 14 SEBI (OMBUDSMAN) REGULATIONS, 2003

14.1

PART II CAPITAL MARKET & INTERMEDIARIES Chapter 15 STRUCTURE OF CAPITAL MARKET

15.3

Chapter 16 CAPITAL MARKET INSTRUMENTS

16.1

Chapter 17 IMPORTANT ASPECTS OF PRIMARY MARKET & SECONDARY MARKET

17.1

Chapter 18 SECURITIES MARKET INTERMEDIARIES

18.1

Solved Paper : June 2023 (Suggested Answers)

P.1

Solved Paper : December 2023 (Suggested Answers)

P.24

1. What are the objects of the Securities Contracts (Regulation) Act, 1956?

CHAPTER

2. Industrial Finance Corporation of India (IFCI), established under the Industrial Finance Corporation Act, 1948 having its registered office at Mumbai issued 8% Redeemable Bonds redeemable after 7 years. These bonds were issued directly to the members of the public and not through mechanism of stock exchanges.

You are required to state with reference to the provisions of the Securities Contracts (Regulation) Act, 1956, whether such direct issue of bonds by the IFCI is not violating the provisions of the said Act.

Industrial Finance Corporation Act, 1948 i.e.

The nature and tenure of the bonds are immaterial. e.g.

1.3

TAXMANN®

L T S D S NA W E O E I A C I I C ET A L T E I N A R L R T A RPTU S N O I TC C PAOCO N E !E RR # S P S O E S NS CDERE OA ANOET I D H I S Y I T U O I T N R B A A U O L RC P I I U D T OE GU N A S3 ET ) R 2E F ODE S O PNH SN N ROT O B T O O C I I #YF T T AA O A S N R I R R T AS H O O N N OP P TEO R R U #O ES I O R S S I SC # O I V E F O E E I O OR TT C RT I N R Y P UL A EE H G E CP N 4 NH EP I A & T 3A L T H N D C ET A E HO I EXT N R T L T MEL A S L FA A KO U I O CI H D L S N ROV T ) AT C N 0ST ! O EAO N H I MS E T T S H E OA YR T UEBF HT F Q O HDNTC E S ET OI! T N HRC I T S RO Y N E S L E A N I I D O G PS I N I I M N N T D E SV I A U R E D O T !R EE L RU APTP OG U P T SUTYCE E S T A NC2 E H ! T A! S S T section 28(1)

Ans.:

K S C W O T O T E L S L K F O R O F A S S M T A I E K M R C I A L O E T S S H E I T Y T I E H R T D U L T I A C S C T E ! E U S S H S O N E N E G O G I I S N T N E I S I I I A T T N R T A O H I U O L C I C R M U U T E G X C O C S E E A R E P 2 K S N S C N I F S O A N O T R T O G S T C I T N S A F F A I R R O O L L E L T T N N N U E T C S O I O I O E A D # T T P M A A S N S L L A Y E U U E I R G L T G G A I E E B N R L I A L U R R R I Y C C E E I N E H H S U A 3 T T E B D R E R R N E H O O O H F U T F F T E F E E T E S D T N O D D E A E I I I L G V S V V V U T N O O O E G C A R R R E E R P H P P P R J C O B O O O OX / 4 4 4 4E 4 Ans.:

SECURITIES CONTRACTS (REGULATION) ACT, 1956

OBJECTS & APPLICABILITY OF THE SCRA

DO D S NL N AA A T YI S O R P E T S VE I K L E R E H DA T DN S N O E E A I V D R I I Y T O A A A G P V DI E T S R EE I A N C H O$ S O T N E W E A T OA T K C R DD N A D N I E A E E D R R E E D U G V D I E T AU I T R V E S A F I I V V D D I I E L E E R E C E I R l D R $ I A C @ ET PE T S R E E P K I AE HS R R SK T R E A T E A EAE H T I M T K IM RNR E R S O U T HOA E D O E W C I M N P T D E I A S S EA R T N I S O U TA MD C T E E E E K K SR SI S R RD I C E TS N A AL L EN I V M A EA I S T MN N T TC A O O OE V W E C P P I I L T R TO N E 3 SE T C @ N E N A S S I )H $SK N E A N R 4 /

F Ev DR O E C G EH NN R S I UT AY E CO C MR L I EY R R S E N P OD RA F F E N R O R E HO U T Ph X E EE E S HE HH D WC T T N I D M NN E E R G AR O L O L N R OE A I F L F S D C F E E U EI C U E D L R I L T C R A A A N P HR V R O I SF ST S E S T H T TT I E C C T N S R A A E ER E M R V T MT T I N O R N I UN R E O F RO DR C C T O E S L H R A U NO X CE I I L I C A TT H D N V B N WN A EE S TI I N T DM T I C F E AS AU S F R E S O T MR V T A Y I OS N S R R T O N S N E E E CA I I E D FK D I L R S A T A D U E I A I S H R L V I C Y H C C U VR T N I A C N R I C A I H I R E U E N D S E EDU WS I V DEC U R Y F G T I E L T Y U A C T N I C T A CS A I ST I N F N Y I E V R R I I USO TL EE S R R N N V C R E E E I E V D EUM OD T C I R S H A N T R O T ! !O V A ! U F O I V R N R I E A E DF $ !O

futures forwards

swaps options

[June 2012 (3 Marks)] 3. Write a short note on: Spot Delivery Contract

[Dec. 2014 (3 Marks)] 4. Write a short note on: Spot Delivery Contract

Ans.: Please refer to answer of question No. 3. TAXMANN®

E E N H T O N F O O R T E N H U T O R I C O E C F A S E C I E E D R H P I T V O A M R P F O O R H T F C N I YR E H R E ON W M T Y IW T A S C OO A P PA L R E EI T H N DC O T l EE C D HN A N T E S A N S YB R A EY BE A I E I S T D H E M R T T T I O T UX I C E R N C A EN UA S C R E O T E FH T N S R O OT E C YN EN H R O T Y E W R R V F E O O I O L V E L I Y A L R D A I E E C D A LD S F l E NE T U O M N T AE P C R A 4 3 ! B S Ans.:

3 7 ! , 3 % ) 4 ) 2 5 # % 3 ) 4 2 ! 0

1.4

DEFINITIONS

In simple words, if the delivery and payment for securities are to be made on the same day or the next day it is said to be spot delivery. Rolling settlement is followed in India for settlement of spot delivery contract.

5. “Derivatives are contracts which derive their value form the value of one or more of other assets.” Comment. [June 2014 (5 Marks)]

Ans.:

and

RECOGNIZED STOCK EXCHANGES

6. Working of City Stock Exchange Association Ltd. is not being carried on by its Governing Board in public interest. On receipt of representations from various Investors and Investors’ Association, the Central Government is thinking to withdraw the recognition granted to the said Stock Exchange. You are required to state the circumstances and procedure for withdrawal of

4 # ! . / ) 4 ! , 5 ' % 2 3 4 # ! 2 4 . / # 3 % ) 4 ) 2 5 # % 3 ( #

R YR N E EN X V O AO O T GO EI OT ME N T 'E O G I KN D AN LZ T TA N C A H I A G N O R CD ' I R O ET T D T X N S C L N MF E E A EE EA R T I NO R E S KT C H # T RS T I E T CU E F N EF H OO FT VE E H T / O OR T S E F T S 'T YO YE C T E N H L A D C D LI H A A OA T OT R T E W R R N B B N T H T H N T N GI O T GA I EN O NN C NR D O W I C #I I I Y H N N T T N Y R A EE N RI E E C A HG ON W N I V I V A 4A F F T OI OE O A T F H H G GT T O Y LO C EN T U E X G I HY E SC HN E D T N T I I B O O N L K N A T NR A E C N O CM O D D O O VT RT I T I EI RR ES S HA EO VN AI T E C E N A T F R F I O H C G TI F A R E CI O E G S O C T T T N SO PO NC EO Y I YT D N IE F I FN A T A E E R I E A M E U T A MTE B E N H A H T C DI YH T T O A HT I TT T T F R N NF NET I N N E G H EEI W LO M O T MCD UA L N E T N A I R R R T E N O NTT OD HA OG I RF ROA T PH SD E N I ENS T L I N PT T I A E VSU N GS VE S S OW WH ONS OE OT ' O T N N A I CR 'T Y I S EE LIO AA RE LI T R Y R S A G D A R N VB W O A R R NM HF I OE T E V T WC I TE N AR T I RT N AI L EEE IN WB EPA R DB #GH GE E #ED R H U M KT HP ENT E CD EA A T N T A A R H I H U F HO R 3 H N 4 M 4 MT WI !E CF O T D E T A G E L E D Y L T N E R R U C N O C N E E B E V A H S U T N E M N R E V O ' L A R T N E # F O S R E W O 0 ) " % 3 Note:

7. The governing body of the City Stock Exchange Association Ltd. is desirous of putting various restrictions on voting rights of its members to be exercised in a meeting and on their right to appoint a proxy. You are required to state whether the same is permissible. Also state the role of Central Government in this respect.

Ans.: Power of recognized stock exchange to make rules restricting voting rights, etc. [Section 7A] :

TAXMANN®

R S E EO GG ONIYE I E T FBD B HT NI N H I T I T T DRD D D Y W S A EE DA EE O L V E A A L O R R O M O VM T R M O I HL L N Y 'MOL T E F EO Y E R N O F E L F S D R KPI E N S A BE A A R R L APA A R E E HE E H T A D S R M V ST F P N R EB SV O O EE O E T Y E C A N Y R T B T T # A D T AA E E TA A S L I C L A E H A E M E V M P M E L T B D NO M H P TU O RR E OT OR E N S RV N E I E l F T P Y E EDA T T I A B O R R R T C G A EH A ON LMD T M E NA G N T N PA N O P I N ME I N I OC I S TVRNT O A E T O E E Y RS YM E P L PE MS LRV D E M R N N L E P P H O E R SU E E A OM AC A P' I T L M S T SR A F P A F E S L O T E O Y O D E PA L R EA T H E E N E R N TT GS D R UM UHT A G S B A 2 T I C O I E N E R I N H E E T H MA BI DH ET T GN B P G T T A T E N # I ME NO SO L CL E W F A I E M I E E C S E T G A L O E O YHB N RG MM L H A T O L Y VR N U A S N I T N I F N A T I S A P S YO T O N A SH E S C T L E E N F T L LE E L A DU X TE O A O H H U / U S E E T E G M G R MA Q T DRT T I T I K R H EC R E RC O NEI Y C H F S G O H E V ET N G N O I G N ST F .O R T MGK F N A D N O T S I Y I EN CE ANNN TL T T R E O A O E N HA E RIIE H L V V V OT V OVHM O E D T A T I E G T FE FN ERI E NN TG N W O DPS R R O T OE NO E P O T O E A NO NAV NT DT AAV ( M OF OH OA IY E N C O N I I I I B T O CR XE T ) T E ' N N R A E T C C A E I E R B S ) O D I I L L Y S E B R R " A E K U H N E T T X H R C G CE S M S A%T T O CC EA EOV E S U C 3 A E N ER R L 2P 2TH 2P 3N SE S N E ME T # T V O I AT ONT E A BEA FM H O AMCT

Amendments of rules of stock exchange:

1.5 such recognition as per the provisions of Securities Contracts (Regulation) Act, 1956 in this regard. Also state the effect of such withdrawal on the contracts outstanding on the date of withdrawal. Ans.: Withdrawal of recognition [Section 5] :

R O S E N I L E D I U G ) " % 3 R E P S A SN E O L I T U C RE ES HF T O DS NN EO I MS I AV O OR T DP ER KE SP A S EA R S A E L SU E GR NE AH HT CE XK EA KM C ON T A S C F YL L E L A S T CI I T ) C " A% R 03

ES A E DD R H DN NN A T O E A AA N I R L R T S T O S E C C E I W AD E T N I T A H A U U R TFN T L F U C O O D F E D !SD P O Y E N R NE B H T A O S NOT T A C S I E E OT F R E R I K G O I TCO E T N P A N T RA U I L M N E UR R U D I F A GFO S C E E E N EDN N L H H O A 2NI C T T I R AY) T O F T N A O SSN" T I F R T % A E R O D SE O C I TP3 E AI EP LF U R M R R F R S S A T D O O O N O V E N PCL OAN ECL F OH A A S R R R S U GV AV O #T N R PTI N A O O E T P I SRGR S T R R PEA R H N E E T E E R P AT P T S I A I I A F H T T E P T O P E T E IS I M T L BA P R A NER B C R N V C R A UA U S AOO R R N D O R N CR C T R O A G T C ET E E FAI O P I N T T O R 3YI L P G TR C O S C L A T O A N EAAP S C R E A F H N R O I E E N H T HMO R T ) S H O F F S N S T O A I " D U T E EPT T O NO E FG R T N ER % I C L C O H N O N OT C NC E E R IH3 FEA T I S T U !AG I N W F M M O AGE T HN I Y R N H L A O D E A A CT OI T S NCI L R I X T P T N R P L E OE T N A A RAO GB T I S E E D N E T O E UU L K S I S E E N L C D CC PO E L A I ECCT I A C GAM BEH 3O C T A T Y A C N N NHG FS RS ! U I R I I O T E N DTS D D E R ROE O I N A O V E PE E G ) E H S I R I I I E NT "OA SZSN N R L H L I U E T %L OI A I E E T CI SL !N GOP W 0 $ / YT M 3AC O R C OHM L E B EDA L N CGO O VU U HNF EN %F R S 4AO I# &

L T F S E Y D LS E A S I X T W E O T P)EAO EG F D E I A N "RMN C K Z E N SL O AN%T CA TI E E E H T OC KY 'I R3NII M I T AB X S A EPECYD L N I H ME E L HET DE O R T B T H EK C O H F A C U S NTI I T E I O E I P H D D N T D CR EH D E E N GS A EIVH T H OE TE ETMH H M H C T M C W M S I N T W E I !A F I IW F L R N I O R B I D FO S O ( NR U E Y O EE A S T OO E P S D N S E I A I E E D O T E T V E T W K V A A A P 3 E B I A L AB T URRS G U T L L E I C T L N GM ERD HI E A E I EO F YN HTSHO F S T S F 2T S BR E I FDN O E ) E S E O O E S" V E E GTDS WT T O M G A S % N N C AT G E E E N E L O A A3 R Z E A R C HE MR EA F T H H E CT Y' O N AE T B C H X N B R O H T R X I E L O S E T #E E A E G T I KED I H H N N F SW W K C C AI T L T EE E O O l C Y I N D NMF T F PS MT T O S O I E E T /SI I R I I T D E N C OG S D T D A UT E N E O N OA NEE HBP CG E G A TT M I EHS T T L D N EN S T I N O O H DU L MN EU O MA N 3I GI C ES R S M A T G F A I T R H N EA X O N A O A I T N ROC RC HE LE EO S CHI TC X T WC OS Y SR I OE E L E K W FRC OR U SAR NS L SK B O SO E P Q O WDEAWWU WC T S N NT E F H A N A P NAI T O R L OS MA L T I L I A I T S R S D ES F ES NI E SE N N EAODEEU Y E Y V Y I I OO E O Z G / / B D BH I ElBDI R T NCSY RI )N V N OE " C E ET I A ) l G T EPO %H HF HY NYR F A 3GC 4O O ABP 4B S NE 3C I R WF OO L 8. “A recognized stock exchange may frame rules/amend rules made by it to provide for all or any of the matters specified therein.” Describe them. [Dec. 2019 (5 Marks)] TAXMANN®

3 7 ! , 3 % ) 4 ) 2 5 # % 3 ) 4 2 ! 0

1.6

7A. The stock exchange wants to transfer the duties and functions of a clearing house to a clearing corporation. Is it possible to do so? Explain the purpose if any, it serves. [Dec. 2021 (4 Marks)]

Ans.:

amend

make

4 # ! . / ) 4 ! , 5 ' % 2 3 4 # ! 2 4 . / # 3 % ) 4 ) 2 5 # % 3 ( #

1.7

N )N S I "I W %S N A L O 3W A I E T YL Y A B E C B I DY L E EB B H DE U T NH P E ET S R I MF E V AO T E E F R RN A T OO Y T I T E Y EA A Z L DC M A N AI N ' O ML B L E E A SU H I V WP T I C T I AF D F C O L E N F F ES A / F H YT G N E BN N I Y I D E R NO E M A AM H O E S C O H L I T E N F B B SI O T H U S C T Y P T EI T J W I E N B N B E O) U L T L M Y" I R D% O W D N O3 P S E B O P O W ME GT T Y NL E A AE T I V L RZ P N E I RP G Y OA E A B L ' V S L OD I D W E L L W GU A T E A T I S L ) EOE C I " V I HHZ EF T SA % E YF FI T' 3 2 "/ )

Ans.: Power to issue directions [Section 12A] :

TAXMANN®

GE STNER S E G T C N O N D H U E N N O ET I OR I O S K IT AE R I S S R RO I T C D A A I R A D C T AMA E EL E O EOS L L R M C S P T C D A TNNM I F T S E D AI D ON RR R R O N T E E O S I OE I S T I EETTA R A U W L I S E E R EM S YLG A O E U G S N W U GI L L PA R B I GU N C C NT O A F E AE R O OE EG P T N R S H T O HD RHI M T C RN F E C D Y R GO X O E O DN XE C E WE E S T EN TR N S O I I N O E PDGCW N K K L E C ! U P ) G C A E O TLU H " A A M O S C M D O R I T H % T R N P T NH P T S I O 3 I O SA O T D R L N Y T N Y F D E E O N E N T T O O R V EI EBS I N D A E S E A T B S L E E C A D IDK F NA S L E N R T N R E O E S OV T Y GTA OO O V I L I D E L L OC S TR S I PK AD R SH I CUM N E I RR E EVU S EE R O Q T D EDE A T O P I O A C E R RNI M R R T O M T R N E S G P T E O YCI D E E V O N R N S N N R G S I E I E H A U G I O T N O E U T AT AN R I I I MRHO C C N O R T O A T T I E E S F I S R O N E U AR O ER E S FME A T E L C T U O OBS O M O E C A E T R I D V E SEO C E H F R S R S A N Y R U N E R R OS R G E I C S S E E TEOOAT R B N I S N V AAR N S E P P I F T N E I N F HO OE I GE O NS N O T G W I A CS RG E NH H EYEER C F I O O E PA B AT W VADVO H E L H A W I H A V H L R N GC G T H LMR T E W O Y O A CI N H S S A T TI F U I E TN C XW N DONDS TN A F E E R NHOOY H E NOO EO S KD P I I N C T E E T R A T T T B W S M C O N T V A A U T R I N E I O A S E R O R R D T C O E I T D NIE R O C OE E C E C S F Y R U O D T E P S T YO Y L N H PPE R S T R I R R N S C T I NS N E R V O N OO OO UV D N NE I I ! ! 4 4 A C C T ) T RI I A C H E LPCES E C PL YARS A E R U SH NRH I O !S 3 D AOT L 9. RSE Stock Exchange Ltd., a recognized stock exchange is involved in trading of shares of Son Ltd. The SEBI on receiving a complaint from a group of investors enquired and found that trading of shares of Son Ltd. is being conducted in a manner detrimental to the interest of the general investors. In order to curb the same, the SEBI wants to issue some directions to RSE Stock Exchange Ltd. Referring to the provisions of the Securities Contracts (Regulation) Act, 1956, discuss whether the SEBI has power to issue such directions. Can such directions be given to an individual who made some profit in any transaction in contravention of any provision of the Securities Contracts (Regulation) Act, 1956?

Explanation

So, accordingly the directions can be given to an individual who had made some profit in any transaction in contravention of any provisions of the Securities Contracts Regulation Act, 1956.

10. “Demutualization of stock exchanges is to convert the traditional stock exchanges in to a company”. Comment. [Dec. 2010 (3 Marks)]

F YE ADGG ) C N O R NI NI EI T FR E" E A NR O EL V % E H L D O A3 %D NTBOC I S R T U F OI T E E A E G I S O N T S H G G E N O S S Y T E N R I R E R Y O E CYACB G R H T P CE EBB ON C P UI S O M D X A SC EEE EG D N E H EO I E MV R T O I HSKT O A C R A R T SEP F OLR N E U SRT H P AT B NOS GA C E ASRE FA D S R O ELE E M E E A H S S MU M GI T I T N T I L N E DO H R O A NI I I U OVNTU TGH S I C I C A T I A I R S T D E S U S A G S I NYS A L M S B I A N A I N H I T F E F I U D T A O D O I T A R G U W D R OY EN N MT PD SI E L E RO OA A C E OBTPE H N D $ R T #ACU D A E Z D M G!PR I T OR NN O E O A I O R H R G C E I F O BTTN TC A I R A P N L R OE L R ET EN F O GS I M C NIDS E E AGE E GG HETG B N N A C2AI L A L N XSRY Y A AH EEOUT P H C I E B M T R KE S I X O C CI E F E D O C OC G NK T NOS O N S S C I A R 3 A S O Y O DE PT H NE EH I S N C S S H AI L X I T D S PSA N E R U E U R GE MB E S K D I OD N C O I N CN E V O CH WG I EU T D OO AT R S

YG E EDD G DDE N L H H EET N N EE A MI E I I T S S Z T T I I EF N I E I F A T A N E N R HC K I O L A V G G E D CER A U O OO H V S E P C O M R T C CG O ASP MR P E I E G Y TER R C N P R M I O A E E E M A E S IR MI C R H HH M D T Y T T BT N E T S E F ) UNE A P FL N S HA O " SIEE M O A R O S H S T BM LT P E I % DO R L L ) E I S S K A E 3 Y B R T " E H O W KA HWDC U E V R I % SLA OOH E PE B T A S R T 3 N E SV M E BBF E R E K A G T B E Y GOLH E K C N O L N L H I NRAT H L C O I E A C A H APDT T T ON S I S D S T H T R HPAM E E S SO CAHB E O R M EE DW SH XT S H HV L P O E E E T EI U C A T R T GD V F KRIS H G ON E E E EE O COHO C N R R I I H SHC OFWT S A P V T T T E N D E PD X S O S V O N H T O N E A E I R E H DI T O N T R A P T A ETGI W I FN O A D P O S O O U N T S E O S I E I A N P N E T S T I T N T LAQ E E T R P E H A L N E GA L P E AG SI C ME L Z A E OUCR I E I I N D OH R H CTXE EF L HA O A I PS P O ' EUEB CD T C H E 7 PH E K R H S T R MC O E C R RX L AC LE O E E A L R ON NM HI ! DE FEI O D T C A H LK RBH L /T 4I O F DSL W U O F S H C ET NRA D O B H / O E F E R AV EA EG H S T MG O R T S E NE A I O N S N H O D W HE UA T W AB E T I G H NH ST H T S OI R N G G M HN A N F C O L C I ( I I F S O T A R XI UX I O C H ) T U N ) I G T SD MEER T A " R I "T N KE K R I T R % H W I X O%U S CCV A T GO 3 AO E OO P M O I E A R TT R3 EI M OEE D R 6 2B -SSG H CHD E E N T T D ) D H RY YN N R C OB BI O A S F Approval of scheme :

Publication of scheme :

Imposition of restriction :

i.e.

Ans.:

Procedure for corporatisation and demutualisation [Section 4B] :

Demutualisation [Section 2(ab)] :

Corporatisation and demutualisation of stock exchanges [Section 4A] : TAXMANN®

L RL E EI YI O N L E S R NGR OG EI E I HRWSRE NY S A A WT I H AN SIL HA )RMREET CC E O E R I S P %OR DX R E I O Y A #FPA H EM T R E4 SYB 4R C O S I TE E O /E LKC C H O R M E BT N OA A PT CEN M S TI H SA H A S AF FT %EAF CY OD 3MHO T Y S Y T E E . I SEBE NZ I I TG HDHU GON N N I 4 T N Q P I O E E ATA A S R ED I G S UE CAT G HZR R I A V S XRZ T N CA OI O X I O ETI T R ER ME S E YNE E OB R SB A K F E V O PD E F C RL G GNB O R O I OU NDO T N Y CO S AE FA H B L RH HMHOC CN A OS CRCEHA XOUS O UFE O S C T I EFF OI AG RT U I HH PA K OT D N M PD @ WA C ED NA A ) O G H F R LG T NNA FC NAA O S O O T X O N S I N P G ET I TE ASTO A HA N R U I K N T EC ZVEMS I R S D B I FN O O MMT E RF AMO O N O A S S N O F I TG EN RS CE RO T D S I N OR MIPT R VA O E EOA OO MLH FD Z H' E NI A4OI YU TSDN S M E R E T N S L T NE I L I VHN E F U A R O E OAD OTI CMN E Y T O YT B I T @E R SCM ABA N OSB S N Z I FNT T I E ER O ANR S EA C R I O O C KR A F (DOF WA EM APS E O TP M KESD I N R SR M V N VA RO O AU O AR OC NW# WH F TF ) Submission of scheme :

3 7 ! , 3 % ) 4 ) 2 5 # % 3 ) 4 2 ! 0

1.8

Thus, the process of converting ‘mutual stock exchanges’ into company form of organization is known as ‘Demutualization of Stock Exchanges’. Corporatisation [Section 2(aa)] :

4 # ! . / ) 4 ! , 5 ' % 2 3 4 # ! 2 4 . / # 3 % ) 4 ) 2 5 # % 3 ( #

T T FN N ETD E I O R W HIE O E E O T I E H O T I T F T C N S A ( M E I E I I C F B F EL Z I B S EH L T A T U D U S B BC ' H R S A TSP A EUGN L P E O I L E A R O NEB T I F H H C A G O L S I L DTA G N T H F L E EH I F N A T U T D I / N H A E OVS AO O T DR B E RN WP EE TM H O F R TP T I O UHG I T STN N C TAE Y I N IR A T OJ I EMVE E HT A E N T L M TR LOHH U R S A DE T F T SO E R HFR O ER H I O SSE N C R F H E P DA ET S S E T L I P GN TND F Y O I O N R A O O HB S A CO E E M N I D L H SL R H O B I O B C A C I I A T )UU X H R A NE "P E S E C O M % 3 KN P N I E S L CH E 3H E I AD A B T O I H EH U I ETM T A T C R W S HNE P S S R I T A H D E E E E DH C EL EOS EH H H S R S V TT EO I L E E IT T N H D N G G HAET H C G T N SL T LN / I E 7DT O I L EI I T N T Z A C T LBX C C A AE A H ET U O R E J' SJ T IPET EE C )E YP DR L E R "R AEYN A AR F E I CHAW F R %R T C V O T E E I EYMH 3E F % D ) L R EDF B L S R R " A HO / EO U H T H G R % F SE E T N FNH N 3 E I O A RA YD E V E T R E T TYN A B I H O VG S U B H T N E I E E E Q I L R S T HE RU W S Y L E I E S T A A O T Y ( SF A VA H N MB T OEC P S I I 12. The recognized stock exchange has powers to make rules for restricting voting rights. Comment. [June 2016 (4 Marks)]

TAXMANN®

FG S R EO E ONIYE I O E T FBD HT B N H I T T T DRD D GI A S Y A EE EE DM NW O V E A A R L O R I M O V T M O L R D N M I L O Y ' F T L E O Y O L ER E O N F S L S D N KPI E BE HF A R A A R L APA EE R E E DE T A R F H S R P M V E B N O A T R E SV O T R C E HE N T E TEYAE AY B T SD C A T L H A A#ASE E P A E T M E OI M P V L B O D T RM H ME TU S N E R LO OTN E E RV R T E A l A F T Y R T EDA I B O NP R T A C G N EH A ON N LMD M E NA G I M I T I N O A T P I N YE O YI N R S TVRNT L P A E T O E E OC N NM E P MS LRV D PS E O M A R E E P A H O E R OL E E SM FC A P' RU T L O M S R O T A F P A PR T E E L E O PA L R EA BY TE SD C E E R I N UM UHT D MN ET A G S A B 2 T O SE P N S E I N E H E T T I H S M T D E H I T H A B N T E M T A T E N # I GG R E O L C I WEI AF L ME OE S O R G N A L T C I YHB M LO H G A GE A T SN S L Y U A S N I T NR N T F N A T I S H P H I S H O T O N A T E F T C E G E G N L T O E O L A DU I X I E O H R U V / U E E R T E E G R Q G DRT GM T T S I YA EC E R O NK N NEI L Y C H F S I LC I H E ET EV N T N O O T A ST F O H T M F A G D K O T MN T VS Y VT N CE ANNN L RO N I FE FA I A E E N RV O H O O H O L V R O O M O E T D A T .E I N N N R G T G T N E N E O V I OR OE N DPS R E O I I IN E P T A T T E T O A T W DT AAV C C A H F A I M I I Y L E O N C O N R R C U R I B O T T ) ( E ' N A E GX S S T I R B S ) D E E EE L Y S E R " R A R R E K H N E E X H E R C ECV EO CC A%T T B EA O S H H H U C 3 A E N R L MR 4P 4TH 4P 3N SE S N E E T ET # T V O I ONT MA E BEA H AMCT AM

R D O E T S A E G N E I L L E E D D I Y U L G T N ) E " R % R 3 U C R N E O P C S A N E SN E E O B L I T U RC E E V ES A HF H T O DS NN S EO I MS U I T AV N O E OR T DP M ER N R KE E SP V A S O EA ' R S A E L L A SU R E GR T NE N AH E HT # C E F O XK EA S R KM E C ON W T A O S C P F E YL L E H L A S ) 4" CT I I T ) % C " 3 A% R O 03 T

Note:

Amendments of rules of stock exchange:

1.9 Rejection of scheme :

Effects of publication :

Compliance :

11. What is meant by demutualization of stock exchanges? Explain the purpose of demutualization. [June 2015 (5 Marks)] Ans.: Please refer to answer of question No. 10.

Ans.: Power of recognized stock exchange to make rules restricting voting rights, etc. [Section 7A] :

one vote

SDE R H ET E KSE OAC RBN BNE EH FE O R ECD CSN NEA A EVI S AD E H N R PS) N LEI G A CNE I A C S HA Y L C HX P PE Y HKN T CA I WOA T T SSS L A L L A WA N E I GWM NOR A.ES H TS T EI CE XGVX ENAE KAHE CHNR OCAO X T ECM S SO KR NC I EN OK GT OR NS RO I FB D O AOEm R R G T OHN EOTI RD HmE T A GHR RNR T E IT@ I D UF LA R O & A R T P %TG EN E HI C D T N AO NR OT C

14. M/s Goyanka & Co., which is a member of a recognized stock exchange desire to buy and sell shares of Crossroads Company Limited on their own count as well as on behalf of investors. Advise M/s Goyanka & Co. whether there are any restrictions for dealing in securities on their own count under the provisions of the Securities Contracts (Regulation) Act, 1956.

NFTRRL L GEFL E N O O O I A M A H N GT EOT I T P O H TI RS NC S MNS N E C C O AA N H E UER BO L N N T HR S C I E I D M CT M NB R O XNECNO RWEP N E T A O EOM E CMC ER HR A R EA FC T KC O E G O CYADM HMR YNAS F A T R ONNE D ETEN AAR T G D A F R O S A E ) HO SR N S I FOHUM TC SO E L C M T O T T O C EEAGF CC N P O U C R P E S T A SI NE N I ADS M R I RESOC H T T N E I N I A N I E TI T NA A BT R I E E O HER O RH WD N B MN H P O E N N E E ET T N SOMA OHTANH I I N A MO S S T EH C F R R IISD N A T E M M E RNEY E O T S P E G LPL N O S L U O HA N I EO R R E YNC L HT A I T F T HNOS T O C S PCOG S B AOI U N Y AO N HEH SDS A HSEI T S I C G T O T D ODI O WNI UYHO T L E T L N SBN AWDUH C P SH NO L S I N F U I O T S CA AHA I A O T SH Y C A H PCSH XI N WT E U L TI BE T S CEET I N S N A O L W N E ( D E K ( F N L A O I S S E C O PCR E ASN N R S O N I P R E T 0 O I HE E T C OT OC C GS I D T CN NSAN RPA I RE R F P S R A E U R N E E M S POAH E PPER TBE T C R NRSC RHI M T OEEXHOTF IA O R C N B E E N I R I T E U T W N T O H M M I K L N C E R O CSACC S AEU I O H E F S U T O N A C NMCTOFSE CCHH E T U S E O T F Y A G C S T S F CASDTTOI R NI F F I RNYR RD EI RRO O SU E W O S P T E E E I I W N T H E M KVC R N R E VA T A C E O OEE O R G E T U L N R H W W U E S O P A E E A T T BO R C C SE L O I U YA RGUE L E (O !(R BS P ROAAS Ans.: Members may not act as principals in certain circumstances [Section 15] : TAXMANN®

S AR HH ST I Y O I L T W BS B AE E D T C V EN S N R E I E A YD F E F AR H O T O MC YL E T EC I B L GA IA NN C N AI AE F H) C" GO X% NT E3 N I D O KE R AIO T CH R A OT T O R T L RE F) S F !O" OPG L O % G A N F I NO V3 I D O A RE RAR PH GE T PT NRH AY IAC D SU RB A T OD R I S I R E TEH PT ADG A I EL S U T HU SU N O T P A R OH HI E T T S MET I G WS S NE N R RO I OAT OI HR I O T OI L CU L D FX F C GN GEE N O KS NC I I C D L D L OE A D AN T R S S R T T A D D L LS A EN A Z NI NM O A OR I NY I E I TGU T IT DOB D E C D DH EO !R AT T

G N I S A H C R U P R O F L E S M I H O T G N I G N O L E B S E I T I R U C E S G N I L L E S S N A E M L A P I C N I R P AE SM A A GN NN I T W C !O S I H N I

Note:

Penalty [Section 23(2)] :

3 7 ! , 3 % ) 4 ) 2 5 # % 3 ) 4 2 ! 0

1.10

CONTRACTS & OPTIONS IN SECURITIES

13. Delhi Stock Exchange wants to establish additional trading floor. Explain briefly the meaning and procedure for establishing additional trading floor. Ans.: Additional trading floor [Section 13A] :

Note:

4 # ! . / ) 4 ! , 5 ' % 2 3 4 # ! 2 4 . / # 3 % ) 4 ) 2 5 # % 3 ( #

LE EL HA G T HN NSA ONH C DOX S EE R E T S K PC I L HO EC T R US A ST SEA E H I GT T I NH R UAT I CHW C EX T S E N EK E R C M E OE HT E 7S R DG EA S I G N N GT I OS CL I EE R H YT NF AO NS I N NO I OT SI R D E N PO YC NE AH FT O H T NI OW I T Y A L CP I L M P PO AC Right of appeal to SAT against refusal to list securities of public companies [Section 22A] :

TAXMANN®

S ED Y G Y O NT D N R E E I I H N N N E E E I H H M I T T A B A D V D T T N S R I I I I E YI E T R I T F R A U W W W B N O O C M D M P G S E O T E A S Y E D E E L D L l M E ( X E R U N B N B I I E D P T U A C I U A L I S E F L L E C R D A O E L H S A ) E G P O S UA N B T B O " H D N S I D CS U A P S L T A % W R EU F N L R O T E N H F O S A 3 I D O N NU G F C H O H N S EE RO E T S N S X I S T N SB A HR F H R O E E I N O H O W T T E 4 S L Y E I K 4 S A T T P TC E N L ! T O E I U M S E C A ! A T GO S 3 I Y S U G N O M C I L D 3 U T N N S I T T O N I E L R C I OR E S AS I E A I E O P H I A O T Y T O W D H I E HM HR F T F P B I E D U SF T C D O H F A C 4 S G E D B R D D X D E T E F O E N MN S E E N Y E E E E P O O D F D UO OI C P X N A N C B B T O A K D S FA N N RE I I O R O A D CE E E R R M I A O N O R E T F H R F E FE C OT C I 4 D O T 0 A T O T O S S C R M I ER L ! C SE E N E L E X S L T N U I GE E I E U I R R 3 A ES C E D V A S C T NH P P EE M D I E R H U T F T E E D AT S # O S O F H P A E O E E D I N D TE HH R T A S Y X D I I B F O T E M Y CS SN R P B# V E H E B E O R E R XI I S R Y Y A D L H R E T D L O I B E EN L DO B A A T L D E O R D N V A F N G H D E A I I L l T M HN E S E KU E T D R L F A F N O N O T I N CF P A D O SE E E F R A R # O L I Y H C OL A H P O D PR S O I S U R R T C 40 S T R A P I N A E S F N A E ! S E I O Y O G C I H GH H O N H O A D S V 3 4 F T C D P # E C T DS N I A R E N I O E N S W EI ! U O TY D L EI L T L O A Y S I I E O C I C S T C O P D 3 S C I I R RN V B E S M I R l O N Y P N S D I I E D E A B N Y R F O S O E S NY T ) D N # N N E GN O T 4 D D I D A AB T D Y I A E W E B E N F A OA F I M S L ! L L N R N T D H E V O T A H N A O C G A H EA O3 U E M I DE M GT T E EP DX D E N W T N S S O V E I G M T O I S G R F P T L I I R A R D L H G G O N S R I S N A S D O N O R YO P Y AA LP E E O C P N U N AC S I A I H I H C E E A A I I W O A I LT AA G W S GP H EGO R N H S V E P EC PMS A T L M L M N I A N I O # I Y N N E S O R O E P R C P G I E U I E E E I I R I P M L E E H ON P L A M R N E T Q C V PO 4T U 4 A B I M4I M E HU T D Y R S E S UI U E V E S E I ! VE N PM !O I!E R N PAI A E S D F 7P % ! 4 3 3 3 B O F T ) YM# EE H 3H 2 2 ) 2 $ 3O ! R CH A E OT 4 EE VH RY ! %T B PB 3 sufficient cause

ex parte

1 month

15 days

Procedure and powers of SAT [Section 22B] :

principles of natural justice

ex parte

judicial proceeding

1.11 LISTING OF SECURITIES & PROCEDURE OF APPEAL IN CASE OF REJECTION OF LISTING

15. Explain provisions of the Securities Contracts (Regulation) Act, 1956 relating to listing of securities. Can stock exchange refuse listing? What are the powers of Securities Appellate Tribunal (SAT) in this regard? Ans.: Conditions for listing [Section 21] :

SECURITIES LAWS & CAPITAL MARKETS (SLCM) | CRACKER AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO NO. OF PAGES BINDING TYPE

: : : : : : :

N.S. Zad TAXMANN 22/01/2024 10th Edition 9789357785389 472 PAPERBACK

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DESCRIPTION This book is prepared exclusively for the Executive Level of Company Secretary Examination requirement. It covers the questions (topic-wise) & detailed answers strictly as per the syllabus of ICSI. The Present Publication is the 10th Edition for the CS-Executive | Old Syllabus | June 2024 Exam. This book is authored by CS N.S. Zad, with the following noteworthy features: • Coverage of the book includes o Fully-Solved Questions of Past Exams - Solved Paper: Dec. 2023 (Suggested Answers) • [Topic-wise] arrangement of past exam questions & answers • [Most Amended & Updated] Covers the latest applicable provisions and amendments under the Companies Act, 2013 & SEBI Regulations • [Marks Distribution] Chapter-wise marks distribution from June 2018 onwards • [Previous Exam Trend Analysis] from Dec. 2021 onwards • [ICSI Study Material Comparison] is provided Chapter-wise

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