Repeal and vesting transfers the Forward Contracts Commission's undertaking to the Securities Board while preserving existing proceedings. The Forward Contracts (Regulation) Act, 1952 is repealed with savings preserving continuity: instruments, orders, licences, proceedings and offences under the repealed Act continue to be enforced by the Securities and Exchange Board of India as if the Act had not been repealed; fresh offence proceedings may be instituted by the Security Board within three years. The Commission's undertaking vests in the Security Board; related concessions and tax exemptions transfer; employees (excluding members) continue in office with the Central Government or Security Board on same terms, members cease to hold office and are not entitled to compensation; transfer is exempt from stamp duty.
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Provisions expressly mentioned in the judgment/order text.
Repeal and vesting transfers the Forward Contracts Commission's undertaking to the Securities Board while preserving existing proceedings.
The Forward Contracts (Regulation) Act, 1952 is repealed with savings preserving continuity: instruments, orders, licences, proceedings and offences under the repealed Act continue to be enforced by the Securities and Exchange Board of India as if the Act had not been repealed; fresh offence proceedings may be instituted by the Security Board within three years. The Commission's undertaking vests in the Security Board; related concessions and tax exemptions transfer; employees (excluding members) continue in office with the Central Government or Security Board on same terms, members cease to hold office and are not entitled to compensation; transfer is exempt from stamp duty.
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