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Section 23-O of the SCRA empowers the Central Government to grant immunity from prosecution to an alleged violator. Which condition must be satisfied before such immunity is granted?
Answer & Solution
Correct answer: D.
1. Section 23-O lets the CG grant immunity to alleged violators of the SCRA.
2. The grant must be on the recommendation of SEBI.
3. The alleged violator must have made a full and true disclosure of the alleged violation.
4. The proceedings for prosecution should not have been instituted earlier than the application for immunity.
5. Neither RBI, the High Court nor SAT plays a role in the Section 23-O grant.
_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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