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  •        05-Sep-2010

    • Management

    The Government of India and the forward markets commission shall, as provided for in the forward contracts (regulation) act,1952 and forward contracts (regulation)rules,1954, or as provided for in any other statute for the time being, have the power to direct and effect any amendments to these bye laws, rules and regulations so as to facilitate the smooth and proper functioning of the exchange in the interest of the public and the farmers, traders and exporters of the commodities listed and traded in the exchange.

    The board of directors of the company shall be responsible for execution of the bye laws rules and regulations of the exchange. The board shall have power to make fresh bye laws, rules and regulations or alter or amend the existing bye laws, rules and regulations subject to the approval of the commission.

    The boards decisions, rulings and constructions of the bye laws, rules and regulations in any matter regarding the management and functioning of the exchange shall final and binding on all members of the exchange and parties to transactions on the exchange except as provided and required otherwise by these bye laws, rules and regulations.

    The management of exchange in accordance with the objects of the company shall be vested with the board. The election and nomination of the directors to the board shall be governed by the articles of association of the company;

    The management of exchange shall be by the board and through such delegation by the board to the standing comities. The management of the exchange shall be in accordance with the forward contracts (regulations) act, 1952, the forward contracts (regulation) rules, 1954 and other statutes. The board shall make all such decisions and take all such action as it considers necessary in its discretion to carry out the object of the exchange; to protect the integrity of the exchange; to promote the interest of farmers, traders and exporters of commodities; and to promote the interest of the public

    At the first meeting of the board after each annual eructation, or as soon as possible there after, the board shall constitute the following standing comities as per article 140:

    • Membership Committee
    • Trading Committees
    • Clearing House Committee; and
    • Arbitration and Vigilance Committee