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Notification of a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43. — (1) An application for notification of a recognised association (as per clause (j) of section 2 of the Forward Contracts (Regulation) Act, 1952) as a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43 may be made to the 1[Member (Income Tax)], Central Board of Direct Taxes, North Block, New Delhi.
(2) The application referred to in sub-rule (1) shall be accompanied with the following documents, namely :—
(i) approval granted by Forward Markets Commission for trading in derivatives;
(ii) up-to-date rules, bye-laws and trading regulations of the recognised association;
(iii) confirmation regarding fulfilling the conditions referred to in clause (ii) to clause (v) of rule 6DDC;
(iv) such other information as the recognised association may like to place before the Central Government.
(3) The Central Government may call for such other information from the applicant as it deems necessary for taking a decision on the application.
(4) The Central Government, after examining the information furnished by the recognised association under sub-rule (2) or sub-rule (3), shall notify the recognised association as a recognised association for the purposes of clause (e) of the proviso to clause (5) of section 43 or issue an order rejecting the application before the expiry of four months from the end of the month in which the application is received.
(5) The notification referred to in sub-rule (4) shall be effective until the approval granted by the Forward Markets Commission is withdrawn or expired, or the notification is rescinded by the Central Government.
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