150. Right of shareholder's action to recover certain trading profits

For the purpose of preventing the unfair use of information which may have been obtained by an owner, a director, an officer or other senior management by reason of his relationship to an issuer, any profit realised by him from any purchase and sale, or any sale and purchase, or any equity securities of such issuer within any period of less than 6 months, shall be recoverable by the issuer, irrespective of any intention of holding the securities purchased or of not repurchasing the securities sold for a period exceeding 6 months.

An action to recover such profit may be instituted before the Court by the issuer, or by the owner of any securities of the issuer in the name and on behalf of the issuer if the issuer fails or refuses to bring such action within 60 days after request or fails to diligently prosecute the matter, but no such action shall be brought more than 2 years after the date such profit was realised.

This section shall not be construed as covering any transaction where the owner was not a beneficial owner, both at the time of the purchase and sale, or the sale and purchase, of the securities involved, or any transaction or transactions which the Authority by regulations may exempt as not contemplated for the purpose of this section.