1997 (1) TMI 417 - DSC - Companies Law

Summary

The judgment clarifies that Stock Exchanges can certify bona fide purchasers for value, even if there are multiple sub-brokers involved, as long as each sub-broker is connected to a member of the Stock Exchanges. If a sub-broker is not connected to a member, certification cannot be done, and the party must seek a declaration of title in court. The application is disposed of with this clarification.