Section 28: Sale and transfer of securities

1) Where a body corporate allots or sells securities after registering such securities, the body corporate shall have to give notice along with the details of securities so allotted or sold to the Board within seven days.

2) Upon receipt of a notice as referred to in sub-section (1), where it appears necessary to make the allotment and sale of such securities fair and informative for the interests of investors and the body corporate, the Board may give the necessary directive to the concerned body corporate. It shall be the duty of the concerned body corporate to abide by such directive.