Question
Under Section 18 of the Securities Contracts (Regulation) Act, 1956, a broker, P, is operating in a State where Section 13 has been declared to apply (notified area). The State notification requires that contracts in securities shall be entered into only between recognized stock exchange members or through such members. P, claiming to conduct "spot delivery contracts," enters into a buy-sell transaction for physical share certificates where Party A sells shares to Party B on the same calendar day with physical delivery of certificates by courier and payment clearing within 24 hours. P claims this is exempt under Section 18(1) from the Section 13 restriction. Which of the following correctly applies Section 18 to determine the validity of P's transaction?
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