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Section 28 of the SCRA lists certain entities and contracts to which the Act shall not apply. Which of the following lies inside the Section 28 non-applicability list?
Answer & Solution
Correct answer: B.
1. Section 28 carves out specific public entities from the Act.
2. The Government, RBI, any local authority or a corporation set up by special law are outside the SCRA.
3. Listed companies and recognised stock exchanges are clearly within the Act, not outside it.
4. Mutual funds are regulated under separate SEBI regulations and not part of the Section 28 carve-out.
_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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