Lawgist14ACertificate of registration to be obtained by all associations
1[14A. Certificate of registration to be obtained by all associations.--(1) No association concerned with regulation and control of business relating to forward contracts shall, after the commencement of the Forward Contracts (Regulation) Amendment Act, 1960 (62 of 1960) (hereinafter referred to as such commencement) carry on such business except under, and in accordance with, the conditions of a certificate of registration granted under this Act by the Commission.
(2) Every association referred to in sub-section (1) which is in existence at such commencement, before the expiry of six months from such commencement, and every association referred to in sub-section (1) which is not in existence at such commencement, before commencing such business, shall make an application for a certificate of registration to the Commission in such form and containing such particulars as may be prescribed:
Provided that the Commission may in its discretion extend from time to time the period of six months aforesaid up to one year in the aggregate.
(3) Nothing in this section shall be deemed--
(a) to prohibit an association in existence at such commencement from carrying on its business until the disposal of the application made by it under sub-section (2); or
(b) to require a recognised association in existence at such commencement to make an application under sub-section (2); and every such association shall, as soon as may he after such commencement, be granted free of cost by the Commission a certificate of registration.]
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1. Ins. by Act 62 of 1960, s. 14 (w.e.f. 281-12-1960).
- 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
