Section 56: Securities transaction confirmations

56. Securities transaction confirmations (1) Where an investment dealer executes an order of a client to carry out a securities transaction, it shall send to its client without delay, a confirmation in such form as may be specified in the FSC Rules. (2) Every investment dealer shall send to its client a statement of account in such form and at such intervals as may be specified in the FSC Rules. (3) An investment dealer shall not trade as principal in securities listed or traded on a securities exchange except in accordance with the applicable rules of the securities exchange. (4) Where, in respect of securities that are not listed on a securities exchange, an investment dealer deals as principal with a client, the investment dealer shall, before entering into the transaction, disclose to the client that he is entering into the transaction as principal. (5) Any person who contravenes this section shall commit an offence and shall, on conviction, be liable to a fine not exceeding 100,000 rupees. [S. 56 amended by s. 22 of Act 15 of 2007 w.e.f. 28 September 2007.] PART IV [Part IV repealed by s. 23 of Act 15 of 2007 w.e.f. 28 September 2007.] 57. – 66. — [Ss. 57 to 66 repealed by s. 23 of Act 15 of 2007 w.e.f. 28 September 2007.] PART V – OFFERS AND ISSUES OF SECURITIES Sub-Part A – Requirement for a Prospectus