law: Securities Contracts (Regulation) Act, 1956
  20.Prohibition of
  
  options in securities.-
  (1) Notwithstanding
  
  anything contained in this Act or in any other law for the time being in force,
  
  all options in securities entered into after the commencement of this Act shall
  
  be illegal.
  (2) Any option in securities which has been entered into before such commencement and which remains to be performed, whether wholly or in part, after such commencement, shall, to that extent, become void.
  Listing of Securities By Public Companies