Amendment status not verified — confirm the current text below against the official source.
/lnnual report of dlEct Eark€3 lloeasce, - A dlrect market licensee shall, along with its audlted a(tounts for the finandal year submtt an annual report containing such detatk as may be pr$cribed, to the Dlrector of Atricultural Marketlng nrithin seven months from the dose of the nnanclal ,rear. CHAPTM.XVI Btectrorlc markeplace fulemdon (1): Exdranges recoSnlsed by dre Securides and E (chang€ Board of Indla, providlng for tradlng ln commodity derivative contracts shall not be considered as electronlc marketplaces for the purpose ofthls AcL Erplanedon @): MarkeB funcdonlng under tlle supeMsion of a market commlttee or a private markct liccnsee, using'an electronic platform for transactions wlth the buyerg and sellers being present in the market yard shall not be treated as an electronic marketplace. 9{. Rstablt*ncnt of an etectronlc nafketplace. - (1) No person shall esablish and operats an electronlc marketplace for marketing of agricultural produce witltout obeltnlng a llceBe under this AcL Erphnatson: (1) A marhet committee or a prlvate market licensee may, wlthout a Ilcense, op€rate its market yards uslng an electronic plaform Btablished and operated by the State Government or aEencies as may be notified by it. (2t Any pcrson may apply to the Director of Aglcultural Markedng for Srant of a llcense to eslablish an elecconlc marketplace in the SEte, ln such form, in such manner and wlth such fees, as may be prescribed. (3) Every appllcation made under thls section shall be dlsposed of by the Director of Agrictlnrral Mar*eting wtthin a perlod of sixty days from the date of receipt ofsuch applicadon. (4) SubJect to suclr condldons as may be prcscribed, the Director of Atrlcultural Mar*eting may either grant a llcense tn the prescribed manner to tlre applicant for establishlng an elecrordc marketplace or refuse to Snant a license under this sec{on: Provtded that if the Director of Agricultural Markedng refuses to grant a llcense under this section, he shall record the reasons for such refusal ltr vrriting and communicate hls order to the applicant ,L Elecfnoutc mar{rcnplece. -An electronic markeplace pmvldes for bulng and sclling of agrlcultural produce, where the buyer and seller ransact through an elecfiontc pladorm, wlth physical delivery of the agricultural produce concluding t}te transacdon THE ASSAM GAZETTE, EXTRAORDINARY, TULY 15, 2022 (5) Every license granted under thls scctlon shall rematn yalld hom the date of tts ls8uc for socfi parlod es may be spcclfied ln thc ltcensc and rnay be renewed from dmc to dloe, for such prrlod, on paymerrt of such Ee, in luch manner irnd on fulolment of such condltlons as may be prescrlbed. (6) lf the Dltrctor of AgrrnrlEral Markedng refuses to ren€{^, a ticense granted under thls scc{on, he shalt record the reasons for such refusat tn wrld'ng and communlcate his order to the appltcant 95' Prdtlu.s to be pnovldcd by a! cteclrontc marlcglece. - An etectronrc marketplace licansed under tlrls chapter shall provtde, - (11 an clectronic plauorzr, compr:lstng a trrding ptatform, materlat acooundnt module trade compledon modulg fuitd- proccsslng module, dad management module and reporl{ng modute; (2) facillder for tesdit dle qualtv of agrrcutturat produce ard rts c€rdficadon; (3) fadlldes for storlng the agrlcultural producg as may be expedtenq (4) flnancing of the rgrtcultural produce, in case It ts stor€d for sale at a lat€r daE; (5) otdtne Eading and clearlng sysEm with natsonal reach; (6) approprlate dlspute rtsotuuon mechanisms; and tr such othcr hcilrties as the Dtrrctor of Agricuturar Markedng may drrect fitm dme to dmc.