16. Insertion of new section 28A in the principal enactment

The following new section is hereby inserted immediately after section 28 and shall have effect as section 28A of the principal enactment :—

28A. Where shares in any public company are allotted to any person prior to its listing in a licensed stock exchange, no shares or any security convertible to shares in any such company shall be listed on a licensed stock exchange within a period of one year from the date of the last allotment, unless the written approval of the Commission is obtained for that purpose prior to such listing. ”.