Section 11(3) in Forward Contracts (Regulation) Act, 1952
(3)The bye-laws made under this section may -(a)specify the bye-laws the contravention of any of which shall make a contract entered into otherwise than in accordance with the bye-laws void under sub-section (2) of Section 15;(aa)specify the bye-laws the contravention of any of which shall make a forward contract entered into otherwise than in accordance with bye-laws illegal under sub-section (3 A) of Section 15;(b)provide that the contravention of any of the bye-laws shall --(i)render the member concerned liable to fine; or(ii)render the member concerned liable to expulsion or suspension from the recognised association or to any penalty of a like nature not involving the payment of money.
