Registration of dealers

(1) No dealer shall carry on business in forward contracts unless he has been registered and possesses a registration certificate. (2) Every dealer required by sub-section (1) to be registered shall make an application in this behalf in the prescribed manner to the assessing authority. (3) If the assessing authority is satisfied that the application for registration is in order, he shall, in accordance with such rules and on payment of such fees as may be prescribed, register the applicant and grant him a certificate of registration in the prescribed form, which may be renewed in such manner or on payment of such fees as may be prescribed. (4) The Commissioner may from time to time amend or cancel any certificate of registration in accordance with information furnished under section 13 or otherwise received.