Deemed recognised stock exchanges limited to commodity derivatives activities until regulator grants specific permission. Section 28A deems recognised associations under the Forward Contracts Act to be recognised stock exchanges under the Securities Contracts Act but restricts them to assisting, regulating or controlling commodity derivatives activities until specific permission is granted by the regulator. Persons acting as commodity derivatives brokers without prior registration may continue for three months or until disposal of a timely registration application. The regulator may allow time to comply; existing bye laws, circulars and statutory instruments remain effective for up to one year, and the regulator and Central Government exercise prior powers for that period.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Deemed recognised stock exchanges limited to commodity derivatives activities until regulator grants specific permission.
Section 28A deems recognised associations under the Forward Contracts Act to be recognised stock exchanges under the Securities Contracts Act but restricts them to assisting, regulating or controlling commodity derivatives activities until specific permission is granted by the regulator. Persons acting as commodity derivatives brokers without prior registration may continue for three months or until disposal of a timely registration application. The regulator may allow time to comply; existing bye laws, circulars and statutory instruments remain effective for up to one year, and the regulator and Central Government exercise prior powers for that period.
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