Reserve Bank of India Act,1934
Section 45 V. Transactions in derivatives
1[Transactions in derivatives. (1) Notwithstanding anything contained in the Securities Contracts (Regulation) Act,1956 (42 of 1956) or any other law for the time being in force, transactions in such derivatives, as may be specified by the Bank from time to time, shall be valid, if at least one of the parties to the transactions is the Bank, a scheduled bank, or such other agency falling under the regulatory purview of the Bank under the Act, the Banking Regulation Act,1949 (10 of 1949), the Foreign Exchange Management Act,1999 (42 of 1999), or any other Act or instrument having the force of law, as may be specified by the Bank from time to time.
(2) Transactions in such derivatives, as had been specified by the Bank from time to time, shall be deemed always to have been valid, as if the provisions of subsection (1) were in force at all material times.]
1. Ins. by Act No. 26 of 2006 w.e.f. 12-6-2006.