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<h1>Notification of recognised association establishes a tax recognition process contingent on regulatory approval and compliance with specified rules.</h1> An application to the Member (Income Tax), CBDT, must include Forward Markets Commission approval, up to date rules, bye laws and trading regulations, confirmation of meeting rule 6DDC conditions, and any additional information. The Central Government may seek further details, and will notify or reject the association within four months from the end of the month of receipt; the notification persists until FMC approval is withdrawn or expired or the Central Government rescinds it.