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A "spot delivery contract" under the SCRA permits actual delivery and payment within a specified short window. According to the Act, the delivery and payment must take place by which deadline at the latest?
Answer & Solution
Correct answer: D.
1. The definition of spot delivery contract is tied to a strict two-day window.
2. Actual delivery and payment must occur either on the same day or on the next day.
3. If the parties live in different towns, the time taken by post for dispatch is excluded from the count.
4. Seven-day or fifteen-day windows do not fit the spot delivery definition.
_Source: ICSI CS Executive Paper 6 (Securities Laws and Capital Markets) — Lesson 1: Securities Contracts (Regulation) Act, 1956, pp. 4-21._
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