The Forward Contracts (Regulation) Act

Short title, extent and commencement

Definitions

Establishment and constitution of the Forward Markets Commission

Functions of the Commission

Powers of the Commission

Application for recognition of associations

Grant of recognition to association

Withdrawal of recognition

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

Furnishing of annual reports to the Central Government by recognised associations

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

Power of Central Government to direct rules to be made or to make rules

Power of recognised association to make bye-laws

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

Application of amendment of bye-laws to existing forward contracts

Power of Commission to suspend member of recognised association or to prohibit him from  trading

Power of Central Government to supersede governing body of recognised association

Power to suspend business of recognised association

Certificate of registration to be obtained by all associations

Grant or refusal of certificate of registration

Application of sections 8 and 12B to registered associations

Forward contracts in notified goods illegal or void in certain circumstances

Consequences of notification under section 15

Power to prohibit forward contracts in certain cases

Special provisions respecting certain kinds of forward contracts

Prohibition of options in goods

Penalties

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

Power of court to order forfeiture of property

Offences by companies

Power to search and seize books of account or other documents

Presumptions to be drawn in certain cases

Certain offences to be cognizable

Jurisdiction to try offences under this Act

Advisory committee

Power to delegate

Power to exempt

Protection of action taken in good faith 

Power to make rules

Savings of recognised associations

Repeals and savings

Repeal and savings

Transfer and vesting of undertaking of Commission

All sections

The Central Government may, by notification in the Official Gazette,
exempt, subject to such conditions and in such circumstances and in such areas as may be specified in the
notification, any contract or class of contracts from the operation of all or any of the provisions of this
Act.

LAWGIST

# 27 Power to exempt