THE FORWARD CONTRACTS (REGULATION) ACT, 1952

ACT NO. 74 OF 1952 · Enacted [26th December, 1952.] · 43 sections

PPRELIMINARY

Section 1.Short title, extent and commencement.

Section 2.Definitions.

THE FORWARD MARKETS COMMISSION

Section 3.Establishment and constitution of the Forward Markets Commission.

Section 4.Functions of the Commission.

Section 4A.Powers of the Commission.

RECOGNISED ASSOCIATIONS

Section 5.Application for recognition of associations.

Section 6.Grant of recognition to association.

Section 7.Withdrawal of recognition.

Section 8.Power of Central Government to call for periodical returns or direct inquiries to be made.

Section 9.Furnishing of annual reports to the Central Government by recognised associations.

Section 9A.Power of recognised association to make rules respecting grouping of members, restricting voting rights, etc., in special cases.

Section 10.Power of Central Government to direct rules to be made or to make rules.

Section 11.Power of recognised association to make bye-laws.

Section 12.Power of Central Government to make or amend bye-laws of recognised associations.

Section 12A.Application of amendment of bye-laws to existing forward contracts.

Section 12B.Power of Commission to suspend member of recognised association or to prohibit him from trading.

Section 13.Power of Central Government to supersede governing body of recognised association.

Section 14.Power to suspend business of recognised association.

REGISTERED ASSOCIATIONS

Section 14A.Certificate of registration to be obtained by all associations.

Section 14B.Grant or refusal of certificate of registration.

Section 14C.Application of sections 8 and 12B to registered associations.

FORWARD CONTRACTS AND OPTIONS IN GOODS

Section 15.Forward contracts in notified goods illegal or void in certain circumstances.

Section 16.Consequences of notification under section 15.

Section 17.Power to prohibit forward contracts in certain cases.

Section 18.Special provisions respecting certain kinds of forward contracts.

Section 19.Prohibition of options in goods.

PENALTIES AND PROCEDURE

Section 20.Penalties.

Section 21.Penalty for owning or keeping place used for entering into forward contracts in goods.

Section 21A.Power of court to order forfeiture of property.

Section 22.Offences by companies.

Section 22A.Power to search and seize books of account or other documents.

Section 22B.Presumptions to be drawn in certain cases.

Section 23.Certain offences to be cognizable.

Section 24.Jurisdiction to try offences under this Act.

MISCELLANEOUS

Section 25.Advisory committee.

Section 26.Power to delegate.

Section 27.Power to exempt.

Section 27A.Protection of action taken in good faith .

Section 28.Power to make rules.

Section 28A.Savings of recognised associations.

Section 29.Repeals and savings.

Section 29A.Repeal and savings.

Section 29B.Transfer and vesting of undertaking of Commission.