102. Employment of manipulative and deceptive devices
Feedback & supportIt shall be unlawful for any person directly or indirectly in connection with the purchase or sale of any securities —
securities
“securities” means —(a)debentures, stocks or bonds issued or proposed to be issued by a government;(b)debentures, stocks, shares, bonds or notes issued or proposed to be issued by a body corporate or unincorporate;(c)any right or option in respect of any such debentures, stocks, shares, bonds or notes; or(d)any interest as defined in section 107 of the Companies Act, but does not include —(e)futures contracts that are governed by any written law regulating trading in futures contracts;(f)bills of exchange;(g)promissory notes; or(h)certificates of deposit issued by a bank;
to employ any device, scheme or artifice to defraud;
to engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or
to make any untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made in the light of the circumstances under which they were made, not misleading.