Which of the following is expressly included in the definition of "intermediary" in section 2(1)(n) of…
Section 2(1)(n)(ii) includes "an association recognised or registered under the Forward Contracts (Regulation) Act, 1952 or any member of such association". Co-operative…
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Which of the following is expressly included in the definition of "intermediary" in section 2(1)(n) of the Prevention of Money-laundering Act, 2002?
Answer and explanation
Correct answer A
Section 2(1)(n)(ii) includes "an association recognised or registered under the Forward Contracts (Regulation) Act, 1952 or any member of such association". Co-operative banks are banking companies, while chit fund companies and housing finance institutions are financial institutions under section 2(1)(l).
Current law: the Forward Contracts (Regulation) Act, 1952 was repealed in 2015, when regulation of commodity derivatives moved to SEBI.