Bare Act Search Results

Securities Contracts Regulation Act, 1956 (42 of 1956) Section 9

Title: Power of Recognised Stock Exchanges to Make Byelaws

State: Central

Year: 1956

..... (a) specify the bye-lawsthe contravention of which shall make a contract entered into otherwise than inaccordance with the bye-laws voidunder sub-section (1) of section14; (b) provide that thecontravention of any of the bye-lawsshall render the member concerned liable to one or more of the followingpunishments, namely:- (i) fine; (ii) expulsion frommembership; (iii) suspension frommembership for a specified period; (iv) any other penalty ofa like nature not involving the payment of money. (4) Any bye-lawsmade under this section shall be subject to such conditions in regard toprevious publication as may be prescribed, and when approved by the CentralGovernment, shall be published in the Gazette of India and also in the OfficialGazette of the State in which the principal office of the recognised stockexchange is situate, and shall have effect as from the date of its publicationin the Gazette of India; Provided that if the Central Government is satisfied in any case that inthe interest of the trade or in the public interest any bye-lawshould be made immediately, it may, by order in writing specifying the reasonstherefor, dispense with the condition of previous.....

Securities Contracts (Regulation) Act, 1956 Complete Act

State: Central

Year: 1956

.....which, inter alia, are stated as under:" (i) A view was expressed before the Standing Committee that since under Section 30 of the Indian Contract Act, 1872, the contracts which are cash settled are classified as wagers and trading in wagers is null and void, the index future which are always cash settled would also be classified as wagers under the said Act. Due to this, no proceedings to enforce an index future contract either by an exchange against a defaulting broker or client against his broker would stand the legal scrutiny before the court of law. The Committee was, therefore, of the view that there was no harm in having an overriding provision as a matter of abundant caution. They, therefore, suggested the incorporation of the following provision in the Bill, namely: " "Notwithstanding anything contained in any other Act, contracts in derivatives as per this Act shall be legal and valid."; (ii) The Committee was convinced that stock exchanges which are presently working would be better equipped to undertake trading in derivatives in a sophisticated environment. They further observed that most of these exchanges have already been modernised having state-of- the-art.....

Securities Contracts (Regulation) Rules, 1957 Complete Act

State: Central

Year: 1957

.....RULES, 1957 SECURITIES CONTRACTS (REGULATION) RULES, 1957 576 In exercise of the powers conferred by section 30 of the Securities Contracts (Regulation) Act, 1956 (42 of 1956), the Central Government hereby makes the following rules, tile same having been previously published as required by sub-section (3) of the said section, namely :- RULE 01: SHORT TITLE These rules may be called the Securities Contracts (Regulation) Rules, 1957. RULE 02: DEFINITIONS In these rules, unless the context otherwise requires,- (a) "form" means a form appended to these rules; (b) "the Act" means the Securities Contracts (Regulation) Act, 1956 (42 of 1956); (c) "Government company" means a company in which not less than fifty-one percent of the share capital is held by the Central Government or by any State Government or Governments or partly by the Central Government and partly by one or more State Governments. RULE 03: APPLICATION FOR RECOGNITION An application under Section 3-of the Act for recognition of a stock exchange shall be made to the1[Securities and Exchange Board of India] in Form A. RULE 04: FEES FOR APPLICATION (1) There shall be paid in respect of.....