Chapter 2
The Forward Markets Commission
3. Establishment and constitution of the Forward Markets Commission.
3. Establishment and constitution of the Forward Markets Commission.—(1) The Central Government may, by notification in the Official Gazette, establish a Commission to be called the Forward Markets Commission for the purpose of exercising such functions and discharging such duties as may be assigned to the Commission by or under this Act.
(2) The Commission shall consist of not less than two, but not exceeding [i][four], members appointed by the Central Government [ii][one of them being nominated by the Central Government to be the Chairman thereof; and the Chairman and the other member or members shall be either whole-time or part-time as the Central Government may direct] :
[iii][Provided that the members to be so appointed shall be persons of ability, integrity and standing who have shown capacity in dealing with problems relating to commerce or commodity markets, or in administration or who have special knowledge or practical experience in any matter which renders them suitable for appointment on the Commission.]
(3) No person shall be qualified for appointment as, or for continuing to be, a member of the Commission if he has, directly or indirectly, any such financial or other interest as is likely to affect prejudicially his functions as a member of the Commission, and every member shall, whenever required by the Central Government so to do, furnish to it such information as it may require for the purpose of securing compliance with the provisions of this sub-section.
(4) No member of the Commission shall hold office for a period of more than three years from the date of his appointment, and a member relinquishing his office on the expiry of his term shall be eligible for reappointment.
(5) The other terms and conditions of service of members of the Commission shall be such as may be prescribed.
4. Functions of the Commission.
4. Functions of the Commission.—The functions of the Commission shall be—
(a) to advise the Central Government in respect of the recognition of, or the withdrawal of recognition from, any association or in respect of any other matter arising out of the administration of this Act;
[iv][(b) to keep forward markets under observation and to take such action in relation to them as it may consider necessary, in exercise of the powers assigned to it by or under this Act;]
(c) to collect and whenever the Commission thinks it necessary publish information regarding the trading conditions in respect of goods to which any of the provisions of this Act is made applicable, including information regarding supply, demand and prices, and to submit to the Central Government periodical reports on the operation of this Act and on the working of forward markets relating to such goods;
(d) to make recommendations generally with a view to improving the organisation and working of forward markets;
(e) to undertake the inspection of the accounts and other documents of any recognised association [v][or registered association or any member of such association] whenever it considers it necessary; and
(f) to perform such other duties and exercise such other powers as may be assigned to the Commission by or under this Act, or as may be prescribed.
References
[i] Substituted for “three” by Act 62 of 1960, Section 4.
[ii] Substituted by Act 46 of 1953, Section 2, for certain original words.
[iii] Substituted by Act 62 of 1960, Section 4.
[iv] Substituted by Act 62 of 1960, Section 5.
[v] Inserted by Act 62 of 1960, Section 5.
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