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Rule 7 - Grant of Recognition - FORWARD CONTRACTS (REGULATION) RULES, 1954Extract 7. Grant of Recognition. (1) Before granting recognition to an association under Section 6 of the Act, the Central Government may besides making such inquiry and obtaining such further information as is referred to in that Section, also consider the advice of the Forward Markets Commission. (2) The recognition granted to an association shall be in Form B, specify the goods or the classes of goods with respect to which, in which forward contract may be entered into between the members of such association or through or any such member and be subject to the following conditions, namely: I. that the recognition granted shall be for such period not less than one year as may be specified in the recognition; II. that the association shall comply with such directions as may from time to time be given by the Forward Markets Commission.
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