(1) No association concerned with regulation and control of business relating to forward contracts shall, after the commencement of the Forward Contracts (Regulation) Amendment Act 1960 (hereinafter referred to as such commencement)  carry on such business except under, and in accordance with, the conditions of a certificate of registration granted under this Act by the Commission.
(2) Every association referred to in sub-section (1) which is in existence at such commencement, before the expiry of six months from such commencement, and every association referred to in sub-section which is not in existence at such commencement, before commencing such business, shall make an application for a certificate of registration to the Commission in such form and containing such particulars as may be prescribed:
Provided that the Commission may in its discretion extend from time to time the period of six months aforesaid up to one year in the aggregate.
(3) Nothing in this section shall be deemed.
(a) to prohibit an association in existence at such commencement from carrying on its business until the disposal of the application made by it under sub-section (2); or
(b) to require a recognised association in existence at such commencement to make an application under sub-section (2); and every such association shall, as soon as may he after such commencement, be granted free of cost by the Commission a certificate of registration.
1. In Goa, Daman and Diu, this means the date of commencement of this Act in that territory
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