Section 24 - Amendment of section 12A - Securities Laws (Amendment) Act, 2014

CHAPTER III AMENDMENTS TO THE SECURITIES CONTRACTS (REGULATION) ACT, 1956 Amendment of section 12A. 24. In section 12A of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) (hereafter in this Chapter referred to as the principal Act), the following Explanation shall be inserted, namely:- Explanation.- For the removal of doubts, it is hereby declared that power to issue directions under this section shall include and always be deemed to have been included the power to direct any person, who made profit or averted loss by indulging in any transaction or activity in contravention of the provisions of this Act or regulations made thereunder, to disgorge an amount equivalent to the wrongful gain made or loss averted by such contravention. .