“equity share”, includes a participatory interest in a portfolio of a collective investment scheme in securities and a portfolio of a hedge fund collective investment scheme excluding a share which at any time prior to the disposal of that share was-

[Words preceding paragraph (a) substituted by section 17 of Act 23 of 2018 effective on 17 January 2019]

(a)     a share in a share block company as defined in section 1 of the Share Blocks Control Act;

(b)     a share in a company which was not a resident, other than a company contemplated in paragraph (a) of the definition of “listed company”; or

(c)     a hybrid equity instrument as defined in section 8E;

[Definition of “equity share” inserted by section 24 of Act 24 of 2011 and substituted by section 18 of Act 31 of 2013 and section 12 of Act 25 of 2015 effective on 1 January 2016]