The Securities and Exchange Board of India (SEBI) on April 05, 2023, issued a notification regarding procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005 - Directions to stock exchanges and registered intermediaries.
The Government of India, Ministry of Finance has issued an order dated January 30, 2023, detailing the procedure for implementation of Section 12A of the Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005.
In terms of Section 12A of the WMD Act, the Central Government is empowered as under: “(2) For prevention of financing by any person of any activity which is prohibited under the WMD Act, or under the United Nations (Security Council) Act, 1947 or any other relevant Act for the time being in force, or by an order issued under any such Act, in relation to weapons of mass destruction and their delivery systems, the Central Government shall have power to—
a)Freeze, seize or attach funds or other financial assets or economic resources.
b)Prohibit any person from making funds, financial assets or economic resources or related services available for the benefit of persons related to any activity which is prohibited under the WMD Act, or under the United Nations (Security Council) Act, 1947.
[Notification No. SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/062]
