Notwithstanding anything contained in any other law for the lime being in force, contracts in derivative shall be legal and valid if such contracts are—
(a)traded on a recognised stock exchange;
(b)settled on the clearing house of the recognised 3[stock exchange; or] in accordance with the rules and bye-laws of such stock exchange.]
1[(c) between such parties and on such terms as the Central Government may, by notification in the Official Gazette, specify.]