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          <h1>Rule 7 of 1954 Rules: Process for Granting Recognition to Associations for Forward Contracts Under Section 6 Explained.</h1> The Forward Contracts (Regulation) Rules, 1954, Rule 7, outlines the process for granting recognition to associations under Section 6 of the Act. The Central Government, before granting recognition, may conduct inquiries and seek advice from the Forward Markets Commission. Recognition is issued in Form B and specifies the goods or classes of goods for forward contracts among members. This recognition is subject to conditions, including a minimum duration of one year and compliance with directions from the Forward Markets Commission.

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