Section 18. Exclusion of spot delivery contracts from sections 13, 14, 15 and 17

18. Exclusion of spot delivery contracts from sections 13, 14, 15 and 17. —(1) Nothing contained in sections 13, 14, 15 and 17 shall apply to spot delivery contracts. (2) Notwithstanding anything contained in sub-section (1), if the Central Government is of opinion that in the interest of the trade or in the public interest it is expedient to regulate and control the business of dealing in spot delivery contracts also in any State or area (whether section 13 has been declared to apply to that State or area or not), it may, by notification in the Official Gazette, declare that the provisions of section 17 shall also apply to such State or area in respect of spot delivery contracts generally or in respect of spot delivery contracts for the sale or purchase of such securities as may be specified in the notification, and may also specify the manner in which, and the extent to which, the provisions of that section shall so apply. 2[18A. Contracts in derivative. —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[3] [stock exchange; or], in accordance with the rules and bye-laws of such stock exchange.] 4 [(c) between such parties and on such terms as the Central Government may, by notification in the Official Gazette, specify.]