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While issuing informal guidance sought on behalf of Vulcan Engineers Limited (VEL) wherein two foreign parties proposed to enter into share purchase transaction in relation to shares of VEL through put/call option, Indian Stock Market regulator SEBI expressed following views: a) That since put/call option are exercisable at the future dates, they would not qualify as spot delivery contract as defined under section 2(i) of the SCRA. b) Further they will not be qualified as legal and valid derivative contract in terms of Section 18A of the SCRA as it is exclusively entered between two parties and is not a contract traded on stock exchanges and settled on the clearing house of the Recognized Stock Exchange. #pdf
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