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          <h1>Finance Bill 2015: Clause 158 Introduces Section 28A, Transforming Recognized Associations into Stock Exchanges</h1> Clause 158 of the Finance Bill, 2015, amends the Forward Contracts (Regulation) Act, 1952, by inserting section 28A. This section deems all recognized associations under the Forward Contracts Act as recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956. The Securities and Exchange Board of India (SEBI) may grant these exchanges time to comply with the Securities Contracts Act. Existing bye-laws and instruments from the Forward Contracts Act remain applicable for one year post-repeal or until SEBI's notification. SEBI and the Central Government will assume the Commission's powers for one year post-repeal.

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