View All - 1987 Acts Section No : Acts & Ordinances SECURITIES COUNCILMarginal Notes1. This Act may be cited as the Securities Council Act, No. 36 of 1987, and shall come into operation on such date (hereinafter referred to as the" appointed date") as may be appointed by the Minister by Order published in the Gazette.2. Establishment and Constitution of the Securities Council. 3. Membership of the Council. 4. Term of office of appointed members. 5. Removal and Resignation of appointed members. 6. Remuneration of members. 7. Meeting of the Council. 8. Chairman of the Council. 9. Members to disclose any interest in any decision to be made by the Council 10. Acts not invalidated by reason of a vacancy. 11. Seal of the Council 12. Objects of the Council. 13. "Powers, duties and functions of the Council. 14. Powers of inspection &c. of the Council. 15. Grant of a licence as a stock exchange or as a stock broker or stock dealer. 16. Terms and conditions to be complied with for the grant of a licence to a stock exchange. 17. Terms and conditions to be complied with for the grant of a licence to a stock dealer or a stock broker. 18. Terms and conditions to be complied with by an individual for the grant of a licence as a stock or broker or stock dealers. 19. Grant of certificate. 20. Renewal of licence. 21. Cancellation of a licence granted to a stock broker or a stock dealer. 22. Appeal from a refusal, cancellation or suspension. 23. Consequence of death, resignation, expiration &c. of a licensed stock broker or a licensed stock dealer. 24. In case such rules are disallowed the Council shall give reasons for such disallowance. 25. Alteration of any particulars furnished. 26. Section - 2627. Lending or borrowing of securities without consent of customer prohibited. 28. Procedure to be adopted for sale of shares listed in a stock exchange. 29. Trading listed securities outside a stock exchange prohibited. 30. Use of words stock exchange stock broker" of stock dealer ". 31. No licensed stock broker to be licensed as a dealer &c. 32. Prohibition on trading in listed securities by insiders, &c. 33. prohibition on abuse of information obtained in official capacity. 34. Interpretation of this Part. 35. Fund of the Council. 36. Financial year. 37. Audit of Accounts. 38. Compensation Fund. 39. Appointment of Compensation Committee 40. Application for compensation.41. Payment of Compensation. 42. Director-General. 43. Staff of the Council. 44. Appointment of officers and servants of public corporations to the staff of the Council. 45. Returns and Information. . 46. Establishment of Committee to hear Complaints of share holders. 47. Members and employees of the Council deemed to be public servants. 48. Council deemed to be a Scheduled institution within the meaning of the Bribery Act. 49. Furnishing of information, &c. to the Minister. 50. Protection for action taken under the Act. 51. Offences. 52. Regulations made by the Minister. 53. Rules made by the Council.54. Amendment to the Companies Act, No. 17 of 1982. 55. Interpretation.