Section 8Restriction on dealings in securities

s. 8

8. Restriction on dealings in securities (1) No person shall transact any business in securities on any Stock Exchange unless he is a member thereof. (2) No business shall be transacted on a Stock Exchange in a security, other than a Government security or a bonus entitlement voucher, which is not listed on such Stock Exchange [: Provided that business of security which is de-listed or not listed may be transacted in such manner as the Commission may direct.] (3) No person shall act as a [jobber or dealer] in a security listed on a Stock Exchange outside such Stock Exchange: [* * *] (4) No person other than a member shall act as a broker or a [jobber or dealer] for any security not listed on a Stock Exchange: Provided that the prohibition in this sub-section shall not apply to discounting of any security evidencing a loan.

1. 21. The colon (:) was substituted for the full-stop (.) and thereafter the proviso was inserted by section 5(a) of the Securities and Exchange (Amendment) Act, 2012 (Act No. XLVI of 2012).
2. 22. The words “jobber or dealer” were substituted for the word “dealer” by section 5(b) of the Securities and Exchange (Amendment) Act, 2012 (Act No. XLVI of 2012).
3. 23. The proviso was omitted by section 6 of the Securities and Exchange (Amendment) Act, 1993 (Act No. XVI of 1993)
4. 24. The words “jobber or dealer” were substituted for the word “jobber” by section 5(c) of the Securities and Exchange (Amendment) Act, 2012 (Act No. XLVI of 2012).