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of <h1>Recognized Associations Now Stock Exchanges Under Securities Law; Limited to Commodity Derivatives Unless SEBI Permits Otherwise</h1> Recognized associations under the Forward Contracts Regulation Act are deemed recognized stock exchanges under the Securities Contracts (Regulation) Act, 1956. These exchanges are restricted to activities related to commodity derivatives unless permitted otherwise by the Securities and Exchange Board of India (SEBI). Individuals involved in commodity derivatives before the transfer to SEBI can continue for three months or until their registration application is processed. SEBI may grant these exchanges time to comply with relevant regulations. Existing bye-laws and directives remain effective for one year post-repeal or until SEBI specifies otherwise. SEBI and the Central Government retain powers over these exchanges for one year.
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