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The Forward Contracts (Regulation) Act, 1952

[Act No. 74 of 1952]

[26th December, 1952.]

Title The Forward Contracts (Regulation) Act, 1952
Sections Chaptericulars
Chapter I Preliminary
1. Short title, extent and commencement
2. Definitions
Chapter II The Forward Markets Commission
3. Establishment and constitution of the Forward Markets Commission
4. Functions of the Commission
4A. Powers of the Commission
Chapter III Recognised Associations
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
Chapter IIIA Registered Associations
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
Chapter IV Forward Contracts and Options in Goods
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
Chapter V Penalties and Procedure
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
Chapter VI Miscellaneous
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

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