Sri Lanka Consolidated Acts

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Securities Council (Amendment) Act (No. 26 of 1991) - Sect 21

Replacement of section 29 of the principal enactment

21. Section 29 of the principal enactment is hereby repealed and the following section is substituted therefor :
29. No licensed stock broker or licensed stock realer shall-
(a) trade in or otherwise deal in listed securities outside the licensed stock exchange of which he is a member without the prior approval of the Commission;
(b) trade in listed securities in contravention of such rules as the Commission may formulate relating to the clearance, settlement, payment, transfer and delivery of listed securities ;
(c) effect any transaction in a margin account in a manner contrary to the requirements set out by the stock exchange of which he is a member without the prior approval of the Commission ;
(d) effect any transaction by means of any manipulative, deceptive or other fraudulent device or contrivance in order to induce or attempt to induce the purchase or sale of any listed securities. ".

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