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CS Professional · Strategic Management and Corporate Finance · An Overview on Listing and Issuance of Securities in International Financial Services Centre

The Central Government proposes a Section 31 notification. What procedure must precede its issue?

The draft notification must be laid before each House of Parliament while in session for a total of thirty days, which may span one or more successive sessions. Section 31(2) requires this before the notification is issued.

  1. AA copy of the draft must be laid before each House of Parliament for a total of thirty daysCorrect
  2. BThe draft must be approved by the Governing Board of the Authority within thirty days
  3. CThe draft must be published for public comment by the Authority for sixty days
  4. DNo procedure is needed, as the notification takes effect on gazette publication

Explanation

Section 31(2) requires the proposed notification to be laid in draft before both Houses while in session, for a total of thirty days, in one or more successive sessions. Option four ignores this requirement.

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