Use of manipulative and deceptive devices
132. A person shall not directly or indirectly in connection with the subscription, purchase or sale of any securities traded on an exchange licensed by the Commission or a platform operated by a recognised market operator, –
(a) use any device, scheme or artifice to defraud;
(b) engage in any act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or
(c) make any false statement of a material fact or omit to disclose in a statement a material fact which results in making such statement false or misleading.
147. (1) A person who contravenes sections 128, 129, 130, 131, 132 or subsections (2) and (3) of section 137 commits an offence and shall be liable on conviction to a fine of not less than ten million rupees or to imprisonment for a term not exceeding ten years or to both such fine and imprisonment.