THE SECURITIES MARKETS CODE, 2025

ꯃꯁꯤꯒꯤ ꯕꯤꯜ ꯑꯁꯤꯅ ꯚꯥꯔꯠꯇ ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯖ ꯃꯥꯔꯀꯦꯠꯁꯤꯡꯒ ꯃꯔꯤ ꯂꯩꯅꯕ ꯍꯧꯖꯤꯛ ꯂꯩꯔꯤꯕ ꯑꯥꯏꯟꯁꯤꯡ ꯄꯨꯟꯁꯤꯟꯅꯅꯕ ꯑꯃꯁꯨꯡ ꯁꯦꯝꯗꯣꯛ-ꯁꯦꯝꯖꯤꯟ ꯇꯧꯅꯕ ꯄꯥꯟꯗꯝ ꯊꯝꯂꯤ ꯫ ꯃꯁꯤꯅ ꯃꯥꯔꯀꯦꯠ ꯑꯁꯤ ꯆꯠꯅꯍꯟꯅꯕ, ꯏꯟꯚꯦꯁꯇꯔꯁꯤꯡꯕꯨ ꯉꯥꯛꯊꯣꯛꯅꯕ, ꯑꯃꯁꯨꯡ ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯖ ꯑꯦꯟ ꯑꯦꯛꯁꯆꯦꯟꯖ ꯕꯣꯔ ꯭ ꯗ ꯑꯣꯐ ꯏꯟꯗꯤꯌꯥ (ꯁꯦꯕꯤ) ꯒꯤ ꯁꯛꯇꯤꯁꯤꯡ ꯁꯟꯗꯣꯛꯅ ꯇꯥꯛꯅꯕ ꯑꯄꯨꯟꯕ ꯑꯥꯏꯟꯒꯤ ꯃꯑꯣꯡ-ꯃꯇꯧ ꯑꯃ ꯂꯤꯡꯈꯠꯂꯤ ꯫

ꯑꯥꯏꯟ ꯑꯁꯤꯅ ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯖ ꯑꯦꯟ ꯑꯦꯛ ꯭ ꯁꯆꯦꯟꯖ ꯕꯣꯔ ꯭ ꯗ ꯑꯣꯐ ꯏꯟꯗꯤꯌꯥ (ꯁꯦꯕꯤ), ꯃꯥꯔꯀꯦꯠ ꯏꯟफ्रास्ट्रꯛꯆꯔ ꯏꯟꯁꯇꯤꯇ ꯭ ꯌꯨꯁꯟꯁꯤꯡ (ꯁ ꯭ ꯇꯣꯛ ꯑꯦꯛ ꯭ ꯁꯆꯦꯟꯖꯁꯤꯡ ꯑꯃꯁꯨꯡ ꯗꯤꯄꯣꯖꯤꯇꯔꯤꯁꯤꯡꯒꯨꯝꯕ), ꯃꯌꯥꯏꯂꯣꯏꯁꯤꯡ (ꯁ ꯭ ꯇꯣꯛ ꯕ ꯭ ꯔꯣꯀꯔꯁꯤꯡ ꯑꯃꯁꯨꯡ ꯏꯟꯚꯦꯁ ꯭ ꯠꯃꯦꯟꯠ ꯑꯦꯗꯚꯥꯏꯖꯔꯁꯤꯡꯒꯨꯝꯕ), ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯁꯤꯡ ꯄꯤꯔꯤꯕꯁꯤꯡ, ꯏꯟꯚꯦꯁꯇꯔꯁꯤꯡ (ꯀꯥꯟꯅꯕ ꯃꯄꯨꯁꯤꯡ ꯌꯥꯎꯅ), ꯑꯃꯁꯨꯡ ꯁꯦꯟꯇ ꯭ ꯔꯦꯜ ꯒꯕꯔ ꯭ ꯟꯃꯦꯟꯠꯇ ꯑꯀꯥꯏꯕ ꯄꯤ ꯫

• ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯖ ꯑꯦꯟ ꯑꯦꯛꯆꯦꯟꯖ ꯕꯣꯔ ꯭ ꯗ ꯑꯣꯐ ꯏꯟꯗꯤꯌꯥ (ꯁꯦꯕꯤ) ꯒꯤ ꯀꯝꯄꯣꯖꯤꯁꯟ, ꯃꯦꯅꯖꯃꯦꯟ ꯭ ꯇ, ꯑꯃꯁꯨꯡ ꯄꯥꯋꯔꯁꯤꯡ ꯂꯤꯡꯈꯠꯈꯤ ꯫
• ꯁꯦꯕꯤꯅ ꯌꯦꯡꯁꯤꯟꯕꯤꯕ, ꯊꯤꯖꯤꯟ-ꯍꯨꯝꯖꯤꯟꯕꯤꯕ, ꯊꯤꯗꯣꯛ-ꯊꯤꯖꯤꯟ ꯇꯧꯕ ꯑꯃꯁꯨꯡ ꯂꯧꯁꯤꯟꯕꯤꯕ, ꯑꯃꯁꯨꯡ ꯌꯥꯗꯕꯁꯤꯡꯒꯤ ꯋꯥꯌꯦꯜ ꯄꯤꯕꯒꯤ ꯁꯛꯇꯤ ꯄꯤ ꯫
• ꯃꯌꯥꯏ ꯑꯣꯏꯕꯁꯤꯡ, ꯁꯦꯜ ꯊꯥꯗꯕꯒꯤ ꯊꯧꯔꯥꯡꯁꯤꯡ, ꯑꯃꯁꯨꯡ ꯀꯩꯊꯦꯜꯒꯤ ꯏꯟꯐ ꯭ ꯔꯛꯆꯔꯦꯜ ꯏꯟꯁꯇꯤꯇ ꯭ ꯌꯨꯁꯟꯁꯤꯡꯒꯤ ꯔꯦꯖꯤꯁꯇ ꯭ ꯔꯦꯁꯟ ꯇꯧꯕ ꯃꯊꯧ ꯇꯥꯏ ꯫
• ꯗꯦꯔꯤꯚꯦꯇꯤꯕꯁꯤꯡ ꯑꯃꯁꯨꯡ ꯁ ꯭ ꯄꯣꯠ ꯗ ꯭ ꯔꯤꯚꯤꯂꯤꯔꯤ ꯀꯟꯇ ꯭ ꯔꯦꯛꯁꯤꯡ ꯌꯥꯎꯅ ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯁꯤꯡ ꯂꯩꯕ ꯅꯠꯇ ꯭ ꯔꯒ ꯌꯣꯟꯕꯒꯤ ꯀꯟꯇ ꯭ ꯔꯦꯛꯁꯤꯡ ꯑꯁꯤ ꯆꯠꯅꯍꯜꯂꯤ ꯫
• ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯁꯤꯡ ꯑꯁꯤ ꯗꯤꯄꯣꯖꯤꯇꯔꯤꯁꯤꯡꯒꯤ ꯈꯨꯠꯊꯥꯡꯗ ꯗꯤꯃꯦꯇꯤꯔꯤꯌꯥꯂꯥꯏꯖ ꯇꯧꯔꯕ ꯑꯃꯁꯨꯡ ꯐꯡꯖꯤꯕꯦꯜꯒꯤ ꯃꯑꯣꯡꯗ ꯊꯝꯕ ꯃꯊꯧ ꯇꯥꯏ ꯫
• ꯃꯤꯌꯥꯝꯒꯤ ꯑꯣꯏꯕ ꯋꯥꯊꯣꯛꯁꯤꯡꯒꯤꯗꯃꯛꯇ ꯂꯤꯁꯠ ꯇꯧꯕ, ꯗꯤꯂꯤꯁꯠ ꯇꯧꯕ, ꯑꯃꯁꯨꯡ ꯐꯣꯡꯗꯣꯛꯄꯒꯤ ꯃꯊꯧ ꯇꯥꯕꯁꯤꯡꯒꯤ ꯅꯤꯌꯝꯁꯤꯡ ꯊꯝꯃꯤ ꯫
• ꯁꯦꯕꯤ ꯅꯠꯇ ꯭ ꯔꯒ ꯋꯥꯌꯦꯜ ꯄꯤꯔꯤꯕ ꯑꯣꯐꯤꯁꯔꯁꯤꯡꯅ ꯄꯤꯈꯤꯕ ꯑꯣꯔꯗꯔꯁꯤꯡꯒꯤ ꯃꯥꯌꯣꯛꯇ ꯍꯥꯏꯖꯅꯕ ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯖ ꯑꯦꯄꯦꯂꯦꯠ ꯇ ꯭ ꯔꯥꯏꯕ ꯭ ꯌꯨꯅꯦꯜ ꯑꯃ ꯂꯤꯡꯈꯠꯈꯤ ꯫
• ꯆꯣꯏꯅ-ꯆꯣꯏꯅ ꯇꯧꯕ, ꯑꯔꯥꯟꯕ ꯆꯠꯅꯕꯤꯁꯤꯡ, ꯑꯃꯁꯨꯡ ꯀꯩꯊꯦꯜꯗ ꯁꯤꯖꯤꯟꯅꯗꯕ ꯊꯤꯡꯉꯤ ꯫
• ꯁꯦꯜ ꯊꯥꯗꯔꯤꯕꯁꯤꯡꯒꯤ ꯑꯋꯥꯕ ꯀꯣꯛꯍꯟꯕꯗ ꯃꯥꯏ ꯄꯥꯛꯄ ꯌꯥꯎꯅ ꯀꯣꯗ ꯑꯁꯤ ꯆꯠꯅꯗꯕꯒꯤꯗꯃꯛ ꯄꯦꯅꯜꯇꯤ ꯑꯃꯁꯨꯡ ꯄꯦꯅꯃꯦꯟ ꯭ ꯇꯁꯤꯡ ꯁꯟꯗꯣꯛꯅ ꯇꯥꯛꯏ ꯫
• ꯀꯣꯗ ꯑꯁꯤꯒꯤ ꯃꯈꯥꯗ ꯃꯔꯥꯜꯁꯤꯡ ꯊꯤꯅꯕꯒꯤꯗꯃꯛ ꯁ ꯭ ꯄꯦꯁꯤꯌꯦꯜ ꯀꯣꯔꯠꯁꯤꯡ ꯂꯤꯡꯈꯠꯄꯒꯤ ꯋꯥꯐꯝ ꯊꯝꯂꯤ ꯫
• ꯏꯟꯚꯦꯁꯇꯔ ꯄ ꯭ ꯔꯣꯇꯦꯛꯁꯟ ꯑꯃꯁꯨꯡ ꯑꯦꯖꯨꯀꯦꯁꯟ ꯐꯟꯗ ꯑꯃ ꯁꯦꯝꯏ ꯫
• ꯃꯁꯤꯗ ꯔꯦꯒꯨꯂꯦꯇꯔꯤ ꯁꯦꯟ ꯭ ꯗꯕꯣꯛꯁ ꯑꯃꯁꯨꯡ ꯅꯦꯁꯅꯦꯜ ꯏꯟꯁꯇꯤꯇ ꯭ ꯌꯨꯠ ꯑꯣꯐ ꯁꯦꯀ ꯭ ꯌꯨꯔꯤꯇꯤꯖ ꯃꯥꯔꯀꯦꯠꯁꯀꯤ ꯊꯧꯔꯥꯡꯁꯤꯡ ꯌꯥꯎꯔꯤ ꯫

ꯑꯦ. ꯑꯥꯏ. ꯅ ꯗꯣꯀꯨꯃꯦꯟ ꯭ ꯇ ꯑꯗꯨꯗꯒꯤ ꯏꯈꯤ, ꯑꯃꯁꯨꯡ ꯃꯗꯨꯒꯤ ꯃꯥꯌꯣꯛꯇ ꯌꯦꯡꯁꯤꯟꯈꯤ ꯫ ꯃꯈꯥꯗ ꯄꯤꯔꯤꯕ ꯑꯁꯦꯡꯕ ꯑꯁꯤ ꯍꯛꯆꯤꯟꯕꯅꯤ ꯫

ꯑꯁꯦꯡꯕ ꯆꯦ ꯑꯗꯨ