1[Notwithstanding anything contained in any other law for the time being in force, contracts in derivative shall be legal and valid if such contracts are—
(a) traded on a recognised stock exchange;
(b) settled on the clearing house of the recognised 2[stock exchange; or],
in accordance with the rules and bye-laws of such stock exchange.]
3[(c) between such parties and on such terms as the Central Government may, by notification in the Official Gazette, specify.]
Footnotes in the official text
- 1.Ins. by Act 31 of 1999, s. 3 (w.e.f. 22-2-2000).
- 2.Subs. by Act 20 of 2015, s. 134, for “stock exchange” (w.e.f. 28-9-2015).
- 3.Ins. by Act 20 of 2015, s. 134 (w.e.f. 28-9-2015).