Lawgist28Power to make rules
(1) The Central Government may, by notification in the Official Gazette, make rules for the purpose of carrying into effect, the objects of this Act.
(2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for--
(a) the terms and conditions of service of members of the Commission;
(b) the manner in which applications for recognition may be made under section 5 and the levy of fees in respect thereof;
(c) the manner in which any inquiry for the purpose of recognising any association may be made and the form in which recognition shall be granted;
1[(cc) the manner in which applications for certificates of registration may be made under section 14A and the levy of fees in respect of such applications;]
(d) the particulars to be contained in the annual reports of recognised associations;
(e) the manner in which the bye-laws to be made, amended or revised under this Act shall, before being so made, amended or revised be published for criticism;
(f) the constitution of the advisory committee established under section 25, the terms of office of and the manner of filling vacancies among members of the committee; the interval within which meetings of the advisory committee may be held and the procedure to be followed at such meetings; and the matters which may be referred by the Central Government to the advisory committee for advice;
(g) any other matter which is to be or may be prescribed.
2[(3) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.]
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1. Ins. by s. 23, ibid. (w.e.f. 28-12-1960).
2. Ins. by Act 4 of 1986, s. 2 and the Schedule (w.e.f. 15-5-1986)
- 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
