Contracts in derivative
[Contracts in derivative.
18A. Notwithstanding anything contained in any other law for the time being in force, contracts in derivative shall be legal and valid if such contracts are—
| (a) | traded on a recognised stock exchange; | |
| (b) | settled on the clearing house of the recognised [stock exchange; or] |
in accordance with the rules and bye-laws of such stock exchange.]
| [(ba) | regulated by the International Financial Services Centres Authority established under section 4 of the International Financial Services Centres Authority Act, 2019 (50 of 2019), in an International Financial Services Centre and issued by a Foreign Portfolio Investor. | |
| Explanation.—For the purposes of this clause, the expression "Foreign Portfolio Investor" shall have the meaning assigned to it in clause (u) of rule 2 of the Foreign Exchange Management (Non-debt Instruments) Rules, 2019 made under section 46 of the Foreign Exchange Management Act, 1999 (42 of 1999);] | ||
| [(c) | between such parties and on such terms as the Central Government may, by notification in the Official Gazette, specify,] |