Amendment status not verified — confirm the current text below against the official source.
(1) Notwithstanding anything contained in this Act, the State may allow holder of unified single trading licence bearing Unicode, issued by any other State to undertake trade transaction within its geographical jurisdiction on eplatform or any other format including physical that may be in operation, as trader, as may be prescribed in Rules, Byelaws under this Act. (2) Such licensee shall be liable to pay the market fee and other marketing charges at the rate applicable in the State, where trade transaction has taken place, in the manner as may be prescribed. (3) In case of contravention of any of the provisions of this Act, Rules, Bye laws or instructions or orders, the Director, Managing Director or Market Committee shall, after giving an opportunity to be heard, blacklist such licensee for trading purpose only within their respective jurisdiction, when a contravention has occurred, for a certain period or forever based on the gravity of breach or violation of provisions of this Act, Rules, Bye laws or instructions or orders. Explanation: The expression blacklisting for a certain period to be deemed to be suspended for such a period in the jurisdiction as under subsection (3), while forever deemed to have been cancelled in the jurisdiction as under subsection (3). (4) The Director, Managing Director or Market Committee of the respective jurisdiction, where in the contravention occurs, may simultaneously submit a proposal detailing the type and nature of contravention with evidence, to the concerned licence issuing State Authority for taking further appropriate action against the contravener.