Lawgist5Application for recognition of associations
(1) Any association concerned with the regulation and control of forward contracts which is desirous of being recognised for the purposes of this Act may make an application in the prescribed manner to the Central Government.
(2) Every application made under sub-section (1) shall contain such particulars as may be prescribed and shall be accompanied by a copy of the bye-laws for the regulation and control of forward contracts and also a copy of the rules relating in general to the constitution of the association, and in particular, to--
(a) the governing body of such association, its constitution and powers of management and the manner in which its business is to be transacted;
(b) the powers and duties of the office-bearers of the association;
(c) the admission into the association of various classes of members, the qualifications of members, and the exclusion, suspension, expulsion and readmission of members therefrom or there into;
(d) the procedure for registration of partnerships as members of the association and the nomination and appointment of authorised representatives and clerks.
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- 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
