Savings of recognised associations: transitional deeming as stock exchanges with a one year compliance window. Clause 158 inserts section 28A deeming recognised associations under the Forward Contracts Act to be recognised stock exchanges under the Securities Contracts Act and empowers the Securities and Exchange Board to provide time for compliance. Bye laws, circulars and comparable instruments of recognised associations, and rules or directions issued by the Commission or Central Government, shall continue to operate for one year from repeal or until the Security Board notifies otherwise. The Security Board and Central Government will exercise powers formerly vested in the Commission and Central Government regarding recognised associations for that transitional period.
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Savings of recognised associations: transitional deeming as stock exchanges with a one year compliance window.
Clause 158 inserts section 28A deeming recognised associations under the Forward Contracts Act to be recognised stock exchanges under the Securities Contracts Act and empowers the Securities and Exchange Board to provide time for compliance. Bye laws, circulars and comparable instruments of recognised associations, and rules or directions issued by the Commission or Central Government, shall continue to operate for one year from repeal or until the Security Board notifies otherwise. The Security Board and Central Government will exercise powers formerly vested in the Commission and Central Government regarding recognised associations for that transitional period.
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