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The Forward Contracts (Regulation) Act, 1952

Central

An Act to provide for the regulation of certain matters relating to forward contracts, the prohibition of options in goods and for matters connected therewith.

Act number
74 of 1952
Ministry
Ministry of Finance
Department
Department of Economic Affairs
Enacted
26 Dec 1952

Source: IndiaCode Portal, Legislative Department, Ministry of Law and Justice, Government of India. Open on India Code Check against the official text before relying on it.

43 sections

  1. Section 1Short title, extent and commencement.
  2. Section 2Definitions.
  3. Section 3Establishment and constitution of the Forward Markets Commission.
  4. Section 4Functions of the Commission.
  5. Section 4APowers of the Commission.
  6. Section 5Application for recognition of associations.
  7. Section 6Grant of recognition to association.
  8. Section 7Withdrawal of recognition.
  9. Section 8Power of Central Government to call for periodical returns or direct inquiries to be made.
  10. Section 9Furnishing of annual reports to the Central Government by recognised associations.
  11. Section 9APower of recognised association to make rules respecting grouping of members, restricting voting rights, etc., in special cases.
  12. Section 10Power of Central Government to direct rules to be made or to make rules.
  13. Section 11Power of recognised association to make bye-laws.
  14. Section 12Power of Central Government to make or amend bye-laws of recognised associations.
  15. Section 12AApplication of amendment of bye-laws to existing forward contracts.
  16. Section 12BPower of Commission to suspend member of recognised association or to prohibit him from trading.
  17. Section 13Power of Central Government to supersede governing body of recognised association.
  18. Section 14Power to suspend business of recognised association.
  19. Section 14ACertificate of registration to be obtained by all associations.
  20. Section 14BGrant or refusal of certificate of registration.
  21. Section 14CApplication of sections 8 and 12B to registered associations.
  22. Section 15Forward contracts in notified goods illegal or void in certain circumstances.
  23. Section 16Consequences of notification under section 15.
  24. Section 17Power to prohibit forward contracts in certain cases.
  25. Section 18Special provisions respecting certain kinds of forward contracts.
  26. Section 19Prohibition of options in goods.
  27. Section 20Penalties.
  28. Section 21Penalty for owning or keeping place used for entering into forward contracts in goods.
  29. Section 21APower of court to order forfeiture of property.
  30. Section 22Offences by companies.
  31. Section 22APower to search and seize books of account or other documents.
  32. Section 22BPresumptions to be drawn in certain cases.
  33. Section 23Certain offences to be cognizable.
  34. Section 24Jurisdiction to try offences under this Act.
  35. Section 25Advisory committee.
  36. Section 26Power to delegate.
  37. Section 27Power to exempt.
  38. Section 27AProtection of action taken in good faith .
  39. Section 28Power to make rules.
  40. Section 28ASavings of recognised associations.
  41. Section 29Repeals and savings.
  42. Section 29ARepeal and savings.
  43. Section 29BTransfer and vesting of undertaking of Commission.