Forward Contracts (Regulation) Act,1952
Act No : 74
Section :
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 ; 1[(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 2[any recognised association or registered association or any member of such associations whenever it considers it necessary ; and --------------------------------------------------------------------- 1 Subs. by Act 62 of 1960, s. 5, for cl. (b). 2 Subs. by S. 5, ibid., for "any recognised association". --------------------------------------------------------------------- 109 (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. 1[4A.Powers of the Commission. (1) The Commission shall, in the performance of its functions, have all the powers of a civil court, under the Code of Civil Procedure, 1908, (5 of 1908.) while trying a suit in respect of the following matters, namely : (a) summoning and enforcing the attendance of any personand examining him on oath; (b) requiring the discovery and production of any document; ; (c) receiving evidence on affidavits; (d) requisitioning any public record or copy thereof from any office ; (e) any other matter which may be prescribed. (2) The Commission shall have the power to require any person, subject to any privilege which may be claimed by that person under any law for the time being in force, to furnish information on such points or matters as, in the opinion of the Commission, may be useful for, or relevant to, any matter under the consideration of the Commission and any person so required shall be deemed to legally bound to furnish such information within the meaning of section 176 of the Indian Penal Code. (45 of 1860.) (3) The Commission shall be deemed to be a civil court and when any offence described in section 175, section 178, section 179, section 180 or section 228 of the Indian Penal Code is committed in the view or presence of the Commission, the Commission may, after recording the facts constituting the offence and the statement of the accused as provided for in the Code of Criminal Procedure, 1898, (5 of 1898.) forward the case to a magistrate having jurisdiction to try the same and the magistrate to whom any such case is forwarded shall proceed to hear the complaint against the accused as if the case had been forwarded to him under section 482 of the said Code. (45 of 1860.) (4) Any proceeding before the Commission shall be deemed to be a judicial proceeding within the meaning of sections 193 and 228 of the Indian Penal Code. (45 of 1860.) --------------------------------------------------------------------- 1 Ins. by Act 62 of 1960, S. 6. --------------------------------------------------------------------- 110 Explanation.-For the purposes of enforcing the attendance of witnesses, the local limits of the Commission's jurisdiction shall be the limits of the territory of India.]
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