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FORWARD CONTRACTS (REGULATION) RULES, 1954
1.
Short Title.
2.
Definitions.
3.
Application for recognition.
3A
Application for registration.
4.
Payment of fee for recognition.
5.
Documents to be filed along with the application and particulars it should
contain.
6.
Power to Call for additional information.
7.
Grant of Recognition.
7A.
Certificate of registration.
8.
Renewal of recognition.
8A.
Deleted.
9.
Withdrawal of recognition.
9A. Refusal to
grant registration.
10.
Submission of periodical returns.
11.
Manner of publication of Bye-laws for criticism.
11A.
Manner of publication of bye-laws by the Central Government for criticism.
12.
Particulars to be included in annual reports.
13.
Communication of information relating to offences.
S.R.O. 2230 dated the 8th July, 1954.-- In exercise of the powers
conferred by Section 28 of the Forward Contracts (Regulation) Act, 1952 (74 of
1952) the Central Government hereby makes the following rules, namely:-
1.
Short Title.
These Rules may be called the Forward Contracts
(Regulation) Rules, 1954.
2.
Definitions.
In these Rules, unless the context otherwise
requires:
(a) Form
means a form appended to these Rules;
(b) the
Act means the Forward Contracts (Regulation) Act, 1952 (74 of 1952).
3.
Application for recognition.
An application under Section 5 of
the Act for recognition of an association shall be made in triplicate in Form A
to the Central Government through the Forward Markets Commission, Mumbai.
3A[50].
Application
for registration.
An application under Section 14A of the Act for registration of an association
shall be made in triplicate in Form D to the Forward Markets Commission, Mumbai.
4[51].
Payment of
fee for recognition.
(1)
There shall be paid in respect of every application under Rule 3, fee of rupees
[52][two
thousand and five hundred only] and under Rule 3A, fee of rupees fifty only.
(2) The
amount of the fee shall either (i) be
deposited in the nearest Government Treasury or the nearest branch of the
State Bank of India; provided that at Mumbai, Calcutta, Delhi, Kanpur and Madras
the amount shall be deposited in the Reserve Bank of India, or (ii) be remitted by a crossed Indian Postal
Order in favour of the Secretary, Forward Markets Commission, Mumbai.
(3)
The amount of the fee so deposited shall be credited to the Receipt Head XXI
Miscellaneous Receipts - Forward Markets Commission, Items adjustable by the
Deputy Accountant General, Commerce, Works and Miscellaneous, Mumbai.
(4)
The amount of fee so deposited shall not be refundable.
[53]5.
Documents to be filed along with the application and particulars it should
contain.
Every application shall be accompanied by three
copies of the rules and bye-laws of the association and the receipts granted by
the Government treasury or as the case may be, the State Bank of India or the
Reserve Bank of India or the Demand Draft on the State Bank of India or the
Indian Postal Order in respect of the amount of the fee deposited or remitted,
as the case may be, and shall contain clear particulars as to the matters
specified in the annexure to Form A.
[54]6.
Power to Call for additional information.
The Forward Markets Commission may require the
applicant association to furnish within a period to be specified by it, such
additional information as it may consider necessary.
7.
Grant of Recognition.
(1)
Before granting recognition to an association under Section 6 of the Act, the
Central Government may besides making such inquiry and obtaining such further
information as is referred to in that Section, also consider the advice of the
Forward Markets Commission.
(2)
The recognition granted to an association shall be in Form B, specify the goods
or the classes of goods with respect to which, in which forward contract may be
entered into between the members of such association or through or any such
member and be subject to the following conditions, namely:
(a)
that the recognition granted shall be for such period not less than one year as
may be specified in the recognition; (b)
that the association shall comply with such directions as may from time to time
be given by the Forward Markets Commission.
[55]7A.
Certificate of registration.
The certificate of registration
granted to an association under sub-clause (b) of clause (3) of Section 14A of
the Act shall be in Form B and the certificate of registration granted to an
association under Section 14B of the Act shall be in Form F; and in each case;
the certificate shall incorporate the conditions, if any subject to which it is
granted. 8.
Renewal of recognition.
(1) Three months before the expiry of the
period of recognition an association desirous of renewal of such recognition may
make an application in triplicate in Form A to the Central Government through
the Forward Markets Commission.
(2)
The provisions of rule 3, 4, 5 and rule 7 shall apply in relation to renewal of
recognition as they apply in relation to grant of recognition subject to the
modification that the fee payable in respect of an application for the renewal
of recognition shall be
[56][rupees one thousand only].
[57]8A.
Deleted.
9.
Withdrawal of recognition.
(1)
Before withdrawing the recognition granted to an association the Central
Government may besides complying with the provisions of Section 7 of the Act,
also consider the advice of the Forward Markets Commission.
(2)
Reasonable opportunity to the association to be heard, referred to in Section 7
of the Act, shall be given by means of a notice which shall be in Form C.
[58]9A.
Refusal to grant registration.
Opportunity to the association to
be heard, referred to in the proviso to section 14B of the Act, shall be given
by means of a notice which shall be in Form G.
[59]10.
Submission of periodical returns.
(1)
Every recognised association and every registered association shall send to the
Forward Markets Commission returns relating to its affairs and the affairs of
its members in such form and in such manner and at such times as may be
specified in this behalf by the Forward Markets Commission.
(2)
Every member of a recognised association or of a registered association shall
send to the Forward Markets Commission returns relating to his affairs in such
form and in such manner and at such times as may be specified in this behalf by
the Forward Markets Commission.
[60]11.
Manner of publication of Bye-laws for criticism.
The following provisions shall apply to bye-laws
which are subject to the condition of being made after previous publication
under sub-section (4) of Section 11 of the Act, namely;
(a)
the recognised association making such bye-laws shall post a draft thereof on notice board of the association for
the information of persons likely to be affected thereby;
(b)
there shall be posted with the draft a notice that the draft will be taken into
consideration by the association on or after a certain date (hereinafter in this
rule referred to as the specified date) which shall not be earlier than seven
days from the date of such posting and that any objections or suggestions with
respect to the said draft received from any persons before the specified date
will be considered by the association;
(c)
the association and also the Central Government when granting approval shall
consider any objections and suggestions received by the association before the
specified date.
(a)
The Central Government shall publish a draft of the bye-law or the amendment or
revision of a bye-law, in the Gazette of India for the information of persons
likely to be affected thereby;
(b)
There shall be published with the draft a notice that the draft will be taken
into consideration by the Central Government on or after a certain date
(hereinafter in this rule referred to as the specified date) which shall not be
earlier than seven days from the date of such publication in the Gazette of
India and that any objections or suggestions with respect to the said draft
received from any person before the specified date will be considered by the
Central Government.
[62]12.
Particulars to be included in annual reports.
The annual report of a recognised association
shall, inter-alia, contain particulars relating to the following matters,
namely;-
(a)
a survey of the year giving an analysis of the movement of prices and mentioning
special benefits, if any, conferred by the forward market on the trade, during
the year;
(b)
changes in rules and bye-laws, if any;
(c)
changes in the composition of the governing body;
(d)
sub-committees set up, changes in the composition of existing ones and the work
done by the sub-committees;
(e)
admissions, re-admissions, deaths or resignations of members and the total
number of members and their distribution among the different classes and panels,
if any, as at the end of the year;
(f)
disciplinary action taken against members;
(g)
arbitration of other disputes relating to quality (number, passings and
rejections);
(h)
arbitration of disputes (nature, number and manner of disposal);
(i)
defaults committed by members such as non-payment of differences, failure to
tender and the like;
(j)
forward and ready prices during the year;
(k)
settlement rates, amounts of differences cleared, due date rates and tendering
differences;
(l)
rates of margin and amount of margin deposited from time to time;
(m)
allowances payable by the seller in the event of mofussil delivery, fixed or
altered during the year;
(n)
volume of transactions and quantity delivered against forward contracts.
[63]13.
Communication of information relating to offences.
The Commission shall communicate information in
respect of the commission of any offence under the Act to the concerned
authorities and assist such authorities in scrutinising documents referred to by
them and in rendering such expert advice as may be required by them.
TABLE I
COMMODITIES TO WHICH SEC. 15 HAVE BEEN APPLIED THEREBY RENDERING
ILLEGAL ALL FORWARD CONTRACTS EXCEPT THOSE ENTERED INTO BETWEEN MEMBERS OF A
RECOGNISED ASSOCIATION OR THROUGH OR WITH
SUCH A MEMBER.
TABLE II
COMMODITIES IN WHICH
FORWARD CONTRACTS HAVE BEEN PROHIBITED UNDER SECTION 17.
TABLE III
COMMODITIES IN WHICH SEC. 17 IS APPLIED
TO NON-TRANSFERABLE SPECIFIC DELIVERY CONTRACTS ARE ALSO
PROHIBITED IN EXERCISE OF THE POWERS CONFERED UNDER SECTION 18 (3) OF THE
ACT.
_____________________________________________________________________________
TABLE IV
COMMODITIES IN RESPECT OF WHICH SEC. 15
IS APPLIED TO NON-TRANSFERRABLE SPECIFIC DELIVERY CONTRACTS ALSO IN EXERCISE OF
THE POWERS CONFERED UNDER SECTION 18 (3) OF THE ACT
NOTES TO TABLES I, II, III & IV.
1.
TSD contracts, in
the City of Calcutta, entered into for the import of Jute into India, are
exempted.
N.B.-(i) In raw jute, hessian and sacking
trading is permitted in TSD contracts.
(ii)
East India Jute & Hesian Exchange Ltd., Kolkatta is recognised for trading in
Raw Jute only for TSD contracts.
2. In case of pepper,
international futures trading is permitted.
In this case, one or both the parties to the forward contract can be a foreign
participant.
N.B.:-(A) Besides the
exemptions from the provisions of the FC(R) Act, 1952, mentioned above, the
following general exemptions also have been granted:
Exporters: Every forward contract, entered into between
an exporter from India and an importer in foreign country, for the export out of
India of any goods, is exempted from the operation of so much of provisions of
Sections 15 to 18 of the Act, as are applicable thereto.
(B) According to
Section 14 A of the FC(R) Act, 1952 no association can regulate trading in any
type of forward contracts except under and in accordance with the conditions of
certificate of registration granted by the FMC, under Section 14B of the said
Act.
FORM A
(See rules 3 & 8)
Applications for
recognition/renewal of recognition of an association under Section 5 of the
Forward Contracts (Regulation) Act, 1952
(Note :- Application must be submitted in
triplicate)
To:
.
.
.
SUB:-
Application for recognition/renewal
of recognition of an association under section 5 of the Forward Contracts
(Regulation) Act, 1952
Sir,
Pursuant to the Central Government Notification
No.
dated
and the Press Note/Certificate dated
.
Regarding application for recognition under section 5 granting recognition under
section 6 of the Forward Contracts (Regulation) Act, 1952, we/I on behalf of
... (name and address of association), being
concerned with the regulation and control of forward contracts hereby apply for
recognition/renewal of recognition for the purposes of the said Act in respect
of
.. (name of goods or classes of goods).
2.
Six copies of the rules, Memorandum and Articles of Association relating in
general to the constitution and management of the association and six copies of
the bye-laws for the regulation and control of forward contracts are enclosed.
3.
All the necessary information required in the Annexure to the form is enclosed.
Any additional information will be furnished as and when called for by
the Forward Markets Commission.
4.
We/I on behalf of the said association hereby undertake to comply with the
requirements under sub-section (2) and (3) of section 6 of the Forward Contracts
(Regulation) Act, 1952.
+5.
Treasury Receipt No.
dated
./ crossed Demand Draft on the State
Bank of India, Mumbai No.
.. dated
../crossed Postal Order No.
... dated
. for Rs. 2500/-/1000/- is attached.
Yours faithfully,
Signature of applicant
_______________________________________________________________________
+Substituted by the
Forward Contracts (Regulation)
(Amendment) Rules, 1961, vide S.O. 1099 dated 15th May, 1961 and
amended vide Notification No. Nil dated 23rd July, 1993
ANNEXURE TO FORM-A
Part
I - General
*(1) Name of
applicant association.
(2)
Address (3)
Date of establishment
(4) Is
your association a private limited or public, limited company registered under
the Companies Act, 1956. If it is organized on some other basis,
this may be stated. 5. If your association
is a joint stock company, please give details of your authorized subscribed,
issued and paid up capital. If you have raised capital in some other
form e.g. issue of debentures, this may be stated.
6.
If your association is a profit-making organisation please attach two copies of
audited Balance Sheets and Profit and Loss account of the Association for the
preceding three years.
7.
Give particulars of the capital assets of your association, viz., size of
deposit from members, reserve fund, fixed assets etc.
8.
What is the provision made by the association for the safety of funds of
non-members held in deposit with members in connection with business?
Part II - Membership
(9)
Number of members at the time of application.
(10) If possible,
please classify the members by broad trade interests like sellers, buyers,
brokers, growers, consumers etc.
(11) State the
different classes of members (e.g. full member, associate member, etc.) if any,
and the number thereof.
(12) Give details of
the privilege enjoyed by different classes of members particularly in regard to
their voting rights.
(13) Do you collect any
deposit from your members? If so, please give details.
(14) What rate (s) of
interests do you pay on the members deposit and state the manner in which such
deposits are utilised?
(15) Do you collect any
admission fees from your members?
If so, how much?
(16) What are the rates
of your annual subscription in respect of the different classes of members?
(17) State whether
under your existing constitution there are any provisions for limiting the
number of members. If so, give details and reasons therefor.
(18) If you limit the
number of members, then state the maximum number of members that you can enrol.
Part III Board
of Management
(19) What is the
present strength of your Board of Management/ Directors?
(20) Does the
constitution of your Board of Management/Directors truly represent the different
trade interests, such as sellers, buyers, brokers, growers, consumers
etc.? If not, are you willing to amend your
constitution so as to make the Board fairly representative?
(21) Are there any
representatives of State Government/Commodity Committee on your Board of
Management/Directors? If so, please furnish their names and
the interest represented by them.
Part IV -
Trading
(22) State the names of
commodities and the description of the forward contracts (e.g. non-transferable
specific delivery contracts, transferable specific delivery contracts, hedge
contracts, etc.) dealt in by you in the past.
(23) State the names of
commodities and the description of forward contracts dealt in at present.
(24) Please furnish
approximate figures of your annual turnover in the different types of forward
contracts, the quantity tendered, value thereof and the amount settled through
your clearing house for any two years preferably recent years.
(25) Is your
association situated in the producing, distributing or consuming centres of the
commodity/commodities dealt?
(26) If your
association is in the producing area, please state the size of the crop grown in
your State and its relation to the all-India crop.
(27) State the periods
during which the crop grown in your State moves to the marketing centres.
(28) If your
association is situated in a distributing and/or consuming centre(s), please
state the approximate quantity received by your market for the purpose of
merchandising?
(29) State the extent
of warehousing facilities available in your market.
Part V Ready
Contracts (Delivery to be effected
within 11 days from the date of Transaction)
(30) Do you provide for
a spot market where ready lots are sold?
(31) If so, who are the
principal buyers, i.e. whether dealers, investors, ultimate consumers?
(32) Do you prescribe
any definite standards for trading spot transactions? If so, please give
details.
(33) State the average
annual turnover in ready transactions.
Part VI Non-transferable Specific Delivery Contracts
(34) State the average
annual turnover in non-transferable specific delivery contracts, i.e. specific
delivery contracts, delivery against which is effected after 11 days from the
date of contract to parties specified therein.
(35) State briefly the
safeguards that you generally take for minimizing speculation in these
contracts.
Part VII - Transferable Specific Delivery Contracts
(36) If you are
conducting forward trading through the medium of "futures" or "hedge" contracts
or other types of forward contracts, which provides for transferable specific
delivery, please explain its nature.
(37) Do you have a
trading ring ? Please give details.
(38) Please give
details of the opening and closing of the market and the regulation of the hours
of trade.
(39) Do you have any
system of licensing or registration of brokers of floor-operators ?
(40) Please give
details of the scale of brokerage and other charges prescribed by your
association.
(41) Please state the
unit of trading prescribed in respect of futures, hedge or other types of
forward contracts.
(42) What is the
basis of such contracts (e.g. Fine Jarilla 25/32, Khandesh Bold, etc.) ?
(43) What are your
grades or classes ?
(44) Are your present
forward contracts working successfully ?
(45) Have you received
any complaints against the working of your present contracts ? If so, please
state the reasons therefor briefly.
(46) Have you received
any suggestions for their improvement
(47) Do you provide for
the delivery of the commodity at stations outside the place where your
association is situated ? If so,
please furnish names of such stations.
(48) What are the
periods of delivery stipulated against your futures, hedge or other types of
forward contracts ?
(49) Is delivery only
at the option of the seller or both the buyer and seller.
(50) Do you prescribe
any definite standards for trading in futures, hedge or other types of
forward contracts ?
(51) Do you provide any
safeguards for the prevention of squeeze and bear raids, and for meeting
emergencies in trade ?
(52) How do you
regulate fluctuations in rates and prices ?
(53) Do you prescribe
maximum and minimum price limits for trading ?
Please give details.
(54) Do you provide for
the regulation of dealings by members for their own account ?
(55) Do the members of
your association submit periodical reports of the business done by them ?
(56) Do you provide for
limitation on the volume of trade done by any individual member ?
(57) Please give
details of the organization and management of your clearing house?
(58) What provisions
have you made for periodical settlement of contracts and differences there
under, the delivery of and payments for goods and the passing of delivery orders
?
(59) What provision
have you made for the fixation of price differential of tenderable grades ?
(60) What are the
number of classes of contracts in respect of which settlements are made or
difference paid through the clearing house ?
(61) What guarantee, if
any, does your clearing house give for the fulfillment of contracts ? Give full
details.
(62) How do you fix,
alter or postpone days of settlement ?
(63) How do you
determine and declare market rates, including opening, closing, highest and
lowest rates ?
(64) Do you prescribe
margin requirement ? Please give details.
(65) Please attach
three copies of your standard forms of contracts.
(66) What provision
have you made for regulating the entering into and performance of contracts and
the consequences of default or insolvency on the part of a seller or buyer or
intermediary and for other related matters ?
(67) Do you require
member to supply such information or explanation and to produce such books
relating to their business as your Board of Management may require ?
(68) Do you prescribe
any penalty in case of contravention of a bye-law by a member ?
Part VIII
Surveys & Arbitration
(69) Do you provide
facilities for the survey of sample
tendered in connection with the adjudication of trade dispute and otherwise ?
(70) Do you provide a
machinery for the arbitration of trade disputes ?
(71) Please state the
number of samples surveyed and the number of trade disputes arbitrated during
the last two years.
(72) What provision
have you made for the levy and recovery of fees, fines and penalties ?
Yours faithfully,
Director/Secretary Date:
FORM 13
(SEE RULES 7 AND 8)
GOVERNMENT OF INDIA
MINISTRY
OF COMMERCE AND INDUSTRY
No
The Central Government,
having considered in consultation with the Forward Markets Commission, the
application for recognition/renewal of recognition made under section 6 of the
Forward Contracts (Regulation) Act, 1952 by
. (name
and address of association) and being satisfied that it would be in the interest
of the trade and in public interest so to do, hereby grants, in exercise of the
powers conferred by section 6 of the said Act, recognition to the said
association for
. Year/years ending
..on a
permanent basis in respect of forward contracts in
.(name of goods or
classes of goods).
2.
The recognition hereby granted is subject to the condition that the said
association shall comply with such direction as may from time to time, be given
by the Forward Markets Commission.
Signature of
Officer
Seal
of the Ministry.
NOTE: (1) Application for renewal of recognition
should be made three months before the expiry of the period.
(This certificate will also have to be
published as a Notification in the Gazette of India and also in the Official
Gazette of the State in which the principal office of the recognized association
is situated.)
[See Sub-rule (2) of rule 9]
Notice to show cause against the withdrawal of recognition.
FORWARD MARKETS COMMISSION
GOVERNMENT OF
INDIA
MINISTRY OF COMMERCE AND INDUSTRY
No.
New Delhi, the
To,
(Name & address of the association)
The Central Government in consultation with the Forward Markets Commission,
hereby calls upon you to show cause on
(date)
at
the office of
.
(time)
(designation of officer)
why the recognition in
.
(name of goods or classes of good)
in
.. granted to you
(name of area or areas)
under the Ministry of Commerce & Industry
Notification No.
. Dated
.. and Certificate No.
. date
should not be withdrawn for the reasons given in the Annexure to this Notice.
Signature of officer
Seal of Ministry
@
FORM D (See rules 3A)
Application for registration/renewal of registration of an association under
section 14 A of the Forward Contracts (Regulation) Act, 1952.
(NOTE.-
Application must be submitted in triplicate)
.
.
.
.
Application for
registration/renewal of registration under section 14A of the Forward Contracts
(Regulation) Act, 1952
Sir,
Pursuant to the section 14A of the Forward Contracts
(Regulation) Act, 1952/ Certificate dated
. granting certificate of
registration under Section 14 A of the Forward Contracts (Regulation) Act, 1952.
We/I on behalf of
.(name and address of Association) being concerned
with the regulation and control of business relating to forward contracts in
.hereby apply for registration/renewal of registration for the
purpose of the said Act.
2.
Three copies of the Rules, Memorandum and Articles of Association relating in
general to the constitution and management of the association and three copies
of the bye-laws for the regulation and control of forward contracts are
enclosed.
3.
All the necessary information required in the Annexure to the Form is enclosed.
Any additional information will be furnished as and when called for by
the Forward Markets Commission.
4.
We/I on behalf of the said association hereby undertake to comply with the
requirements under Section 14 C of the Forward Contracts (Regulation) Act, 1952.
5.
Treasury Receipt No.
dated
./ crossed Demand Draft on the State
Bank of India, Mumbai No.
.. dated
../crossed Postal Order No.
... dated
. for Rs. 50/- is attached.
Yours faithfully,
Signature of applicant
@
Newly introduced by the Forward Contracts (Regulation) (Amendment) Rules 1961,
vide S.O. 1089 dated 15th May, 196. ANNEXURE TO FORM D Part I - General
*(1) Name of
applicant association.
(2)
Address (3) Date of
establishment
(a)
Public company limited by share capital
(b)
Public company limited by guarantee
(c)
Private Limited Company
(d)
Registered under an Act other than the Companies Act, 1956
(e)
Voluntary organisation
(4)
Whether your association is a profit making organisation
(5)
Please supply two copies of the audited Balance Sheet and profit and loss
accounts of the Association for the last two years.
Part
II - Membership
(6)
Number of members at the time of application.
(7) Give
the classification of members under broad trade interest like "sellers",
"buyers", "brokers", "crushers" etc.
(8)
State the different classes of members (e.g. full member, associate member,
non-trading member etc.) and the
number in each class.
(9) Give
details of the privilege enjoyed by different classes of members particularly in
regard to their voting rights.
(10) Give details of
privileges enjoyed by the different classes of members,
particularly in regard to their voting rights.
(11) What are the
conditions of membership as regards:
(a)
Subscription to share capita
(b)
Admission fee
(c)
Deposit
(d)
Annual subscription
(12) State the rate of
interest paid by you on members' deposit and the manner in which such deposits
are utilised.
(13) State whether
under you existing constitution there are any provisions for limiting the number
of members. If so give details and reasons thereof.
Part III Board
of Management
(14) What is the
present strength of your Board of Management/ Directors?
(15) Are there any
representatives of State Government/Commodity Committee on your Board of
Management/Directors? If so, please furnish their names and
the interest represented by them.
Part
IV - Ready Contracts (Delivery to be offered within 11 days from the date of
transaction)
(16)
Do you provide facility for performance of ready contracts?
If so, state the names of commodities for which such facilities are provided.
(17) State the average
annual turnover in ready contracts separately for different commodities.
Part V Forward
Contracts
(18) State the names of
commodities and the different types of forward contracts (e.g. non-transferable
specific delivery contracts, hedge contracts etc.) dealt in by you for last two
years.
(19) Furnish
approximate figures of your annual turnover in the different types of forward
contracts (e.g. non-transferable specific delivery contracts, transferable
specific delivery contracts and hedge contracts), the quantity tendered, values
thereof, and the amount settled through your clearing house for last two years
for each commodity separately.
(20) State briefly the
safeguards that you generally take for ensuring delivery between the seller and
the buyer under such contracts.
(21) Do you have a
trading ring, If so, give details.
(22) Give details of
the opening and closing of the market and the regulation of the hours of trade.
(23) State the unit of
trading prescribed in respect of hedge and other types of forward contracts.
(24) Give the basis of
the hedge contract or any other forward contract and the tenderable varieities
prescribed for such contracts.
(25) Do you provide for
the delivery of the commodity at stations outside the place where your
association is situated?
(26) What are the
periods of delivery stipulated against the hedge or other types of forward
contracts?
(27) Do you provide
safeguards for the prevention of squeeze and bear raids and for meeting
emergencies in trading? Please give short account of any
measures taken to prevent manipulation of market during the last two years.
(28) Do the members of
your association submit periodical reports of the business done by them?
(29) What provisions
have you made for periodical settlement of contracts and differences thereunder,
the delivery of and payment for goods and the passing of delivery orders?
(30) Do your clearing
house guarantee the fulfillment of contracts?
(31) Do you prescribe
margin requirements? If so, give details.
(32) Attach three
copies of your standard forms of contract.
(33) Do you require
members to supply such information or explanation and to produce such books
relating to their business as your Board of Management/Directors may require?
(34) What types of
penalty (e.g. fine, suspension, expulsion, etc.) do you provide for in case of
contravention of bye-law by a member?
Part VI
Surveys and Arbitration
(35) Do you provide
facilities for the survey of samples of goods tendered in fulfillment of
contracts made subject to your bye-laws or of other samples?
(36) Do you provide a
machinery for the arbitration of trade disputes?
(37) Please state the
number of samples surveyed and the number of trade disputes arbitrated during
the last two years.
Yours faithfully,
President/Secretary
Date:
*FORM E
(See Rule 7 A)
FORWARD MARKETS COMMISSION GOVERNMENT OF INDIA
No.
Mumbai, the
The Forward Markets Commission, hereby grants in
pursuance of sub-clause(b) of clause (3) of section 14 A of the Forward
Contracts (Regulation) Act, 1952 (74 of 1952) registration to
(Name and address of the association)
2.
The registration hereby granted is subject to the condition (i) that the said
association shall comply with such directions as may from time to time be given
by the Forward Markets Commission; and (ii) that the said association shall not
conduct forward trading in any commodity other than those specified hereunder
except with the previous approval of the Forward Markets Commission.
(Signature of officer)
Seal
of Forward Markets Commission
(See Rule 7 A)
FORWARD MARKETS COMMISSION GOVERNMENT OF INDIA
No.
Mumbai, the
The Forward Markets Commission, having considered
the application for registration made under section 14A of the Forward Contracts
(Regulation) Act, 1952 by
. (name and address of
association) hereby grants, in exercise of the powers conferred by section 14B
of the said Act, registration to the said association.
2.
The registration hereby granted is subject to the condition (I) that the said
association shall comply with such directions as may from time to time be given
by the Forward Markets Commission and (ii) that the said association shall not
conduct forward trading in any commodity other than those specified
hereunder except with the previous approval of the Forward Markets
Commission.
(Signature of officer)
Seal
of Forward Markets Commission
*FORM G
(See Rule 9 A)
Notice to show cause against refusal to grant registration
FORWARD MARKETS COMMISSION GOVERNMENT OF INDIA
No.
Mumbai, the
To,
(Name and address of association)
.
The Forward Markets Commission, hereby calls upon
you to show cause on
at the office of
(date)
(designation of the officer) why the registration should not be refused for the reasons given in the Annexure to this Notice.
(Signature of officer)
Seal of Forward Markets Commission
[50]
Substituted by Forward Contracts
(Regulation) (Amendment)
Rules, 1961, vide S. O. 1099
dated 15th May, 1961.
[51]
Substituted by Forward Contracts (Regulation)
(Amendment) Rules, 1961,
vide S. O. 1099 dated 15th May, 1961 and amended by the
Forward Contracts (Regulation) (Amendment) Rules, 1970 on the 28th
March, 1970.
[52]
Amended vide Notification No. Nil dated 23rd July, 1993.
[53]
Amended by S.O. No. 1099 dated 15th May, 1961 and S.R.O. 2789 dated
15.11.1956.
[54]
Amended by S.O. 1099 dated 15.5.1961.
[55]
Substituted by S.O. 2581 dated 27th October, 1961.
[56]
Amended vide Notification No. NIL dated 23rd July, 1993.
[57]
Deleted by Forward Contracts (Regulation) (Amendment) Rules, 1963 vide S.O. 73
dated 7th January, 1963.
[58]
Inserted by S. O. 1099 dated 15th May, 1961.
[59]
Substituted by the Forward Contracts (Regulations) (Amendment) Rules, 1961,
ibid.
[60]
Substituted by S.O. 12 dated
11.2.1958.
[61]
Inserted by S.O. 1099 dated 15.5.1961.
[62]
Substituted by S. O. 12 dated 11.2.1956.
[63]
Newly introduced by the Forward Contracts (Regulation) (Amendment) Rules, 1970
on the 6th October, 1970.
*
Amended by Forward Contracts (Regulation)(Amendment) Rules 1961 on 15th
May, 1961.
*
Amended by Forward Contracts (Regulation)(Amendment) Rules 1961 on 15th
May, 1961.
*
Newly introduced by the Forward Contracts (Regulation)(Amendment) Rules, 1961 on
15th May,1961
*Amended
by the Forward Contracts (Regulation)(Amendment) Rules, 1963 vide S.O. 73 dated
7th January, 1963
*
Newly introduced by the Forward Contracts (Regulation)(Amendment) Rules, 1961 on
15th May,1961
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