Authorization requirement for currency futures: exchanges and clearing corporations must hold RBI authorization under FEMA to trade. Recognized stock exchanges and their Clearing Corporations or Clearing Houses are prohibited from dealing in or undertaking business relating to currency futures unless they obtain an authorization issued by the Reserve Bank under the Foreign Exchange Management Act; holding that authorization is a precondition for lawful participation in the currency futures market.
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Provisions expressly mentioned in the judgment/order text.
Authorization requirement for currency futures: exchanges and clearing corporations must hold RBI authorization under FEMA to trade.
Recognized stock exchanges and their Clearing Corporations or Clearing Houses are prohibited from dealing in or undertaking business relating to currency futures unless they obtain an authorization issued by the Reserve Bank under the Foreign Exchange Management Act; holding that authorization is a precondition for lawful participation in the currency futures market.
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