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Section 9(3) of the SCRA sets out the punishments which may be visited on a member contravening the bye-laws of a recognised stock exchange. Which list reflects the punishments mentioned in the statute?
Answer & Solution
Correct answer: C.
1. Section 9(3) sets out exchange-level punishments for bye-law contravention.
2. The list includes a fine, expulsion from membership and suspension from membership.
3. It also includes any other penalty of like nature not involving payment of money.
4. Imprisonment, disgorgement, censure and delisting are not Section 9(3) punishments.
_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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