Rule 6DDC - Conditions that a recognised association is required to fulfil to be notified as a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43.

Associations need Forward Markets Commission approval, adhere to guidelines, maintain records, and submit Form 3BC under section 43.

A recognized association must fulfill specific conditions to be notified under clause (e) of the proviso to clause (5) of section 43 for trading in derivatives. These conditions include obtaining approval from the Forward Markets Commission and adhering to its guidelines. The association must record and store client details, maintain a seven-year audit trail of transactions, ensure transactions are not erased, and allow modifications only for genuine errors. Additionally, it must submit a monthly statement in Form No. 3BC to the Director General of Income Tax within fifteen days following the month's end.