Section 1 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Short title, extent and commencement

The Bilateral Netting of Qualified Financial Contracts Act, 2020[No. 30 of 2020][28th September, 2020] An Act to ensure financial stability and promote competitiveness in Indian financial markets by providing enforceability of bilateral netting of qualified financial contracts and for matters…

Section 2 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Definitions

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-I Preliminary Section 2: Definitions. 2. (1) In this Act, unless the context otherwise requires,— (a) "administration" means proceedings of the nature of placing under administration and includes imposition of moratorium,…

Section 3 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Applicability of Act

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-II Application of Act Section 3: Applicability of Act. 3. The provisions of this Act shall apply to a qualified financial contract entered into on a bilateral basis between qualified financial…

Section 4 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Powers of authority

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-II Application of Act Section 4: Powers of authority. 4. The relevant authority may, by notification,— 1(a) designate any bilateral agreement or contract or transaction, or type of contract regulated by…

Section 5 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Enforceability of netting

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-II Application of Act Section 5: Enforceability of netting. 5. (1) Netting of the qualified financial contract shall be enforceable— (a) where such contract is entered into with a netting agreement,…

Section 6 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Invocation of close-out netting

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-III Invocation of Close-Out Netting Section 6: Invocation of close-out netting. 6. (1) Close-out netting may be commenced by a notice given by one party to the other party of a…

Section 7 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Net amount

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-III Invocation of Close-Out Netting Section 7: Net amount. 7. (1) Where parties to the qualified financial contract enter into a netting agreement, the net amount payable under the close-out netting…

Section 8 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Limitations on powers of administration practitioner

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-IV Limitations on Powers of Administration Practitioner Section 8: Limitations on powers of administration practitioner. 8. The administration practitioner shall not render or seek to render ineffective,— (a) any transfer, substitution…

Section 9 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Power to amend Schedules

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-V Miscellaneous Section 9: Power to amend Schedules. 9. (1) If the Central Government is satisfied that it is necessary or expedient so to do, it may, by notification, add to…

Section 10 of Bilateral Netting of Qualified Financial Contracts Act, 2020: Provisions of this Act to override other laws

The Bilateral Netting of Qualified Financial Contracts Act, 2020 Chapter-V Miscellaneous Section 10: Provisions of this Act to override other laws. 10. The provisions of this Act shall have effect, notwithstanding anything inconsistent therewith contained in any other law for…