Lawgist1Short title, extent and commencement
(1) This Act may he called The Forward Contracts (Regulation) Act, 19521.
(2) It extends to the whole of India; 2***
(3) Chapter I shall come into force at once, and the remaining provisions shall come into force on such date3 or dates as the Central Government may, by notification in the Official Gazette, appoint, and different dates may he appointed for different provisions of this Act, for different States or areas, and for different goods or classes of good.
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1. This Act has been extended to:--
(i) Pondicherry (with modification), vide notification No. S.O. 3865, dated 29-12-1962, see Gazette of India, Part II, sec. 3(ii).
(ii) Dadra and Nagar Haveli by Reg. 6 of 1963, s. 2 and First Schedule: and
(iii) Goa, Daman and Diu (with modification), vide notification No. G.S.R. 962, dated 24-6-1967, see Gazette of India, Part II, sec. 3(i).
2. The words "except the State of Jammu and Kashmir" omitted by Act 62 of 1960, s. 2 (w.e.f. 28-12-1960).
3. Chapters II and VI were brought into force in the whole of India except the State of Jammu and Kashmir on the 24th August, 1953, vide notification No. S. R.O. 1618, dated the 24th August, 1953; see Gazette of India, Part II, sec. 3.
Provisions of this Act except Chapter I came into force in the State of Jammu and Kashmir on the 22nd September, 1962, vide notification No. S.O. 2895, dated the 15th September, 1962, see Gazette of India, Part II, sec. 3(ii).
- 1 Short title, extent and commencement
- 2 Definitions
- 3 Establishment and constitution of the Forward Markets Commission
- 4 Functions of the Commission
- 4A Powers of the Commission
- 5 Application for recognition of associations
- 6 Grant of recognition to association
- 7 Withdrawal of recognition
- 8 Power of Central Government to call for periodical returns or direct inquiries to be made
- 9 Furnishing of annual reports to the Central Government by recognised associations
- 9A Power of recognised association to make rules respecting grouping of members, restricting voting rights, etc., in special cases
- 10 Power of Central Government to direct rules to be made or to make rules
- 11 Power of recognised association to make bye-laws
- 12 Power of Central Government to make or amend bye-laws of recognised associations
- 12A Application of amendment of bye-laws to existing forward contracts
- 12B Power of Commission to suspend member of recognised association or to prohibit him from trading
- 13 Power of Central Government to supersede governing body of recognised association
- 14 Power to suspend business of recognised association
- 14A Certificate of registration to be obtained by all associations
- 14B Grant or refusal of certificate of registration
- 14C Application of sections 8 and 12B to registered associations
- 15 Forward contracts in notified goods illegal or void in certain circumstances
- 16 Consequences of notification under section 15
- 17 Power to prohibit forward contracts in certain cases
- 18 Special provisions respecting certain kinds of forward contracts
- 19 Prohibition of options in goods
- 20 Penalties
- 21 Penalty for owning or keeping place used for entering into forward contracts in goods
- 21A Power of court to order forfeiture of property
- 22 Offences by companies
- 22A Power to search and seize books of account or other documents
- 22B Presumptions to be drawn in certain cases
- 23 Certain offences to be cognizable
- 24 Jurisdiction to try offences under this Act
- 25 Advisory committee
- 26 Power to delegate
- 27 Power to exempt
- 27A Protection of action taken in good faith
- 28 Power to make rules
- 28A Savings of recognised associations
- 29 Repeals and savings
- 29A Repeal and savings
- 29B Transfer and vesting of undertaking of Commission
