A pre-emptive right such as the
right to first refusal of shares, a right to buy or to sell shares, and would
be covered by the definition of the term “option in securities”, under s. 2(d)
of the Securities Contracts (Regulation) Act. This was a relevant
classification, when there was still a prohibition on options in securities.
However, this was removed by the Securities Laws (Amendment) Act, 1995.
