3. Insertion of new section 18A. — After section 18 of the principal Act, the following section shall be inserted, namely :—

"18A. Contract in derivative. —

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, in accordance with the rules and bye laws of such stock exchange.".

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