Section 14(3) in The Forward Contracts (Regulation) Act, 1952
(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 tc" (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 be after such commencement, be granted free of cost by the Commission a certificate of registration.] tc" (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 be after such commencement, be granted free of cost by the Commission a certificate of registration." 18 [14B. Grant or refusal of certificate of registration.—On receipt of an application under section 14A, the Commission, after making such enquiry as it considers necessary in this behalf, may by order in writing grant a certificate of registration or refuse to grant it: Provided that before refusing to grant such certificate, the association shall be given an opportunity of being heard in the matter.]
