Section 11(3) in The 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 the bye-laws illegal under sub-section (3A) 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 other penalty of a like nature not involving the payment of money.
