Section 467

Approval of transfer of shares by the agents licenced by the Commission.—(1) In case of companies to be notified for the purpose, before making any application for registration of the transfer of shares to the board the transferor and the transferee shall appear before the agent licenced by the Commission under this section; who shall record the statement of both the parties and forward a certified copy of the statement so recorded to the company for further necessary action in such form and manner and subject to such conditions as may be specified:

Provided that the provision of this sub-section shall not apply to transfer or transmission of shares by operation of law.

(2) The agent licenced under this section shall maintain complete record of all the statements recorded by him including the documents submitted by the parties, for a period of ten years.

(3) The licence under this section may be granted by the Commission in the manner and subject to such conditions, and to the persons having such qualification and infrastructure, as may be specified.

(4) An agent licenced under this section shall be responsible for the loss caused to any person due to any fault on his part, as determined by the Court while deciding a case under section 126.

(5) The agent licenced under this section may charge the fee for the services rendered by him, not exceeding the limit notified by the Commission.

(6) The Commission may at any time revoke a licence granted under this section on being satisfied that the agent has failed to comply with any of the terms or conditions to which the licence is subject:

Provided that, before a licence is so revoked, the Commission shall give to the agent notice in writing of its intention to do so, and shall afford the association an opportunity to be heard.