Section 251
Claiming falsely to be licensed and misleading statements
of Securities Markets Order, 2013
( 1)
A person is guilty of an offence if
(a}
for the purposes of or in connection with any application under this
Order; or
(b}
in purported compliance with any requirement imposed on him by or under this Order, he furnishes information which he knows to be false or misleading in a material particular or recklessly furnishes information which is false or misleading in a material particular.
(2)
A person is guilty of an offence i( not being a regulated person, he -
(a} describes himself as such; or
(b}
so holds himself out as to indicate or be reasonably understood to indicate that he is such.
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{3}
A person guilty of an offence under subsection {1} or {2} is liable on conviction to a fine not exceeding $10,000,000, imprisonment for a term not exceeding 10 years or both.
(4}
In proceedings brought against any person for an offence under subsection (1) or (2), it shall be a defence for him to prove that he took all reasonable precautions and exercised all due diligence to avoid the commission of the offence.