Section 28. Power to make rules

28. Power to make rules.— (1) The Central Government may, by notification in the Official Gazette, make rules for the purpose of carrying into effect, the objects of this Act. (2) In particular, and without prejudice to the generality of the foregoing power, such rules may provide for — (a) the terms and conditions of service of members of the Commission; (b) the manner in which applications for recognition may be made under section 5 and the levy of fees in respect thereof; (c) the manner in which any inquiry for the purpose of recognising any association may be made and the form in which recognition shall be granted; 2 [(cc) the manner in which applications for certificates of registration may be made under section 14A and the levy of fees in respect of such applications;] (d) the particulars to be contained in the annual reports of recognised associations; (e) the manner in which the bye-laws to be made, amended or revised under this Act shall, before being so made, amended or revised be published for criticism; (f) the constitution of the advisory committee established under section 25, the terms of office of and the manner of filling vacancies among members of the committee; the interval within which meetings of the advisory committee may be held and the procedure to be followed at such meetings; and the matters which may be referred by the Central Government to the advisory committee for advice; (g) any other matter which is to be or may be prescribed. 3[(3) Every rule made under this Act shall be laid, as soon as may be after it is made, before each House of Parliament, while it is in session, for a total period of thirty days which may be comprised in one session or in two or more successive sessions, and if, before the expiry of the session immediately following the session or the successive sessions aforesaid, both Houses agree in making any modification in the rule or both Houses agree that the rule should not be made, the rule shall thereafter have effect only in such modified form or be of no effect, as the case may be; so, however, that any such modification or annulment shall be without prejudice to the validity of anything previously done under that rule.] 4[28A. Savings of recognised associations.— (1) All recognised associations under the Forward Contracts Regulation Act, shall be deemed to be recognised stock exchanges under the Securities Contracts (Regulation) Act, 1956 (42 of 1956) (herein referred to as the Securities Contracts Act): 1. Ins. by act 62 of 1960, s. 22 (w.e.f. 28-12-1960). 2. Ins. by s. 23, ibid . (w.e.f. 28-12-1960). 3. Ins. by Act 4 of 1986, s. 2 and the Sch. (w.e.f. 15-5-1986). 4. Ins. by Act 20 of 2015, s. 131 (w.e.f. 28-9-2015). Provided that such deemed recognised stock exchanges shall not carry out any activity other than the activities of assisting, regulating or controlling the business of buying, selling or dealing in commodity derivatives till the said deemed recognised stock exchanges are specifically permitted by the Securities and Exchange Board of India: Provided further that a person buying or selling or otherwise dealing in commodity derivatives as a commodity derivatives broker, or such other intermediary who may be associated with the commodity derivatives market, immediately before the transfer and vesting of rights and assets to the Securities and Exchange Board of India for which no registration certificate was necessary prior to such transfer, may continue to do so for a period of three months from such transfer or, if he has made an application for such registration within the said period of three months, till the disposal of such application. (2) The Securities and Exchange Board of India (herein referred to as the Security Board) may provide such deemed exchanges, adequate time to comply with the Securities Contracts Act and any regulations, rules, guidelines or like instruments made under the said Act. (3) The bye-laws, circulars, or any like instrument made by a recognised association under the Forward Contracts Act shall continue to be applicable for a period of one year from the date on which that Act is repealed, or till such time as notified by the Security Board, as if the Forward Contracts Act had not been repealed, whichever is earlier. (4) All rules, directions, guidelines, instructions, circulars, or any like instruments, made by the Commission or the Central Government applicable to recognised associations under the Forward Contracts Act shall continue to remain in force for a period of one year from the date on which that Act is repealed, or till such time as notified by the Security Board, whichever is earlier, as if the Forward Contracts Act had not been repealed. (5) In addition to the powers under the Securities Contracts Regulation Act, the Security Board and the Central Government shall exercise all powers of the Commission and the Central Government with respect to recognised associations, respectively, on such deemed exchanges, for a period of one year as if the Forward Contracts Act had not been repealed.] 1[29. Repeals and savings.— If immediately before the date on which this Act or any provision contained therein is made applicable to any goods or classes of goods in any State, there is in force in that State any law corresponding to this Act or, as the case may be, to any provision contained therein which is applicable to those goods or classes of goods, that law shall stand repealed on the said date: Provided that the repeal shall not affect — (a) the previous operation of any law so repealed or anything duly done or suffered thereunder; or (b) any right, privilege, obligation or liability acquired, accrued or incurred under any law so repealed; or (c) any penalty, forfeiture or punishment incurred in respect of any offence committed against any law so repealed; or (d) any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty, forfeiture or punishment as aforesaid, and any such investigation, legal proceeding or remedy may be instituted, continued or enforced, and any such penalty, forfeiture or punishment may be imposed as if this Act had not been passed: Provided further that, subject to the preceding proviso, anything done or any action taken (including any appointment made, notification or order issued, rule, regulation, form or bye-law framed, or recognition granted) under any such law shall be deemed to have been done or taken under the corresponding provision of this Act, and shall continue to be in force accordingly unless and until superseded by anything done or any action taken under this Act.] 2[29A. Repeal and savings.— (1) The Forward Contracts (Regulation) Act, 1952 (74 of 1952) is hereby repealed. (2) On and from the date of repeal of Forward Contracts Act — 1. Ins. by Act 46 of 1953, s. 3 (w.e.f. 23-12-1953).