TABLE - Commodities to which sec. 15 have been applied thereby rendering illegal all forward contracts except those entered into between members of a recognised association or through or with such a member.

Forward Contracts Must Be Between Recognized Members for Specified Commodities, Exemptions Apply Under Section 15 of 1954 Rules.

Section 15 of the Forward Contracts (Regulation) Rules, 1954, prohibits all forward contracts for specified commodities unless conducted between members of a recognized association or through such members. The commodities listed include various oilseeds, oils, food grains, pulses, fibers, spices, metals, and others like sugar and camphor. Exemptions exist for certain contracts, such as those involving jute in Calcutta and international futures trading in pepper. Export contracts between Indian exporters and foreign importers are exempt from Sections 15 to 18. No association can regulate forward contracts without a certificate from the FMC as per Section 14A.