Power to prohibit contracts in certain cases - Notified contracts

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..... n in the territory to which the Act extends, shall, enter into any (1) contract for the sale or purchase of Government securities, gold related securities and money market securities other than spot delivery contracts or such other contracts traded on a recognised stock exchange, as is permissible under the said Act, rules and bye-laws of such stock exchange : Provided that contracts may be entered into on when issued basis in such Government securities and in accordance with such terms and conditions, including the basis on which such contracts may be settled, as may be specified in this regard by the Reserve Bank of India by the following persons or entities (a) a scheduled commercial bank (b) a Primary Dealer regist .....

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..... bsidiary General Ledger account with Public Debt Office of the Reserve Bank of India: Provided further that no ready forward contracts may be entered into between two persons or entities both maintaining Gilt accounts with same person or entity maintaining Constituent Subsidiary General Ledger account with Public Debt Office of the Reserve Bank of India : Provided further that no ready forward contracts may be enter into between a person or entity maintaining Subsidiary General Ledger account with Public Debt Office of the Reserve Bank of India with another person or entity maintaining a Gilt account with itself : Provided further that all ready forward contracts shall be settled through Subsi-diary General Ledger account or a C .....

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..... ns a fund as defined in clause (q) of regulation 2 of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996. IV. Constituent Subsidiary General Ledger account means a Subsidiary General Ledger account opened and maintained with the Public Debt Office of the Reserve Bank of India, by a bank or any other person permitted by the Reserve Bank of India, for the purpose of holding Government securities on behalf of its constituents. V. Gilt Account means a securities account opened and maintained by any person with a bank of or any other person permitted by the Reserve Bank of India to open and maintain Constituent Subsidiary General Ledger account with the Public Debt Office of the Reserve Bank of India. .....

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