As per Section 38 of Indian Companies Act 2013 personation for securities is a punishable offence. Provision in the Companies Act 2013 related to Punishment for personation etc of Securities is as under.
(1) Any person who--
(a) makes or abets making of an application in a fictitious name to
a company for acquiring, or subscribing for, its securities; or
(b) makes or abets making of multiple applications to a company in
different names or in different combinations of his name or surname
for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or
register any transfer of, securities to him, or to any other person
in a fictitious name,
shall be liable for action under section 447.
(2) The provisions of sub-section (1) shall be prominently
reproduced in every prospectus issued by acompany and in every form
of application for securities.
(3) Where a person has been convicted under this section, the Court
may also order disgorgement of gain, if any, made by, and seizure
and disposal of the securities in possession of, such person.
(4) The amount received through disgorgement or disposal of
securities under subsection (3) shall becredited to the Investor
Education and Protection Fund.
How to execute bills of exchange etc Section 22 of Indian Companies Act 2013
Public offer of securities should be in dematerialized form. Section 29 of Indian Companies Act 2013
What is the punishment for personation etc of securities Section 38 of Indian Companies Act 2013
How to allot securities by Company What the is process Section 39 of Indian Companies Act 2013