105. Convicted persons liable to pay compensation
Feedback & supportA person who is convicted of an offence under this Part shall be liable to pay compensation to any person who, in a transaction for the purchase or sale of securities entered into with the first-mentioned person or with a person acting for or on his behalf, suffers loss by reason of the difference between the price at which the securities were dealt in in that transaction and the price at which they would have been likely to have been dealt in in such a transaction at the time when the first-mentioned transaction took place if the contravention had not occurred.
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;
The amount of compensation for which a person is liable under subsection (1) is the amount of the loss sustained by the person claiming the compensation.
An action under this section for the recovery of a loss shall not be commenced after the expiration of two years after the date of completion of the transaction in which the loss occurred.
Nothing in subsection (1) affects any liability that a person may incur under any other law.