MAHABIR BEOPAR MANDAL LIMITED CHAMBER OF COMMERCE BULLION AND AGRICULTURAL PRODUCE EXCHANGE LIMITED Vs. FORWARD MARKETS COMMISSION:FORWARD MARKETS COMMISSION:FORWARD MARKETS COMMISSION

JUDGEMENT

(1.) Civil Appeals Nos. 873 and 1425 are by certificate under Article 133 (1) of the Constitution of India and Civil Appeal No. 1748 is by special leave.

(2.) These appeals turn on the question whether the Commission described as the Forward Market Commission under the Forward Contract (Regulation) Act, 1952, can impose conditions under S. 14-A and S. 14-B on the commodities in respect of which business can be carried on by persons who apply for registration.

(3.) This Court in Union of India v. M/s. Rajdhani Grains and Jaggery Exchange Ltd., (1975) Suppl. SCR 1 dealt with this specific question and came to the conclusion that the specification of the commodities in respect of which the business can be carried on is a condition concerned with the regulation and control of the business relating to forward contracts. It is idle to suggest that the Commission in granting certificate of registration to carry on business will not be competent to specify the commodities in which the persons asking for registration will deal.