The Board shall from time to time appoint a Daily Rates Committee consisting of 12 persons has from the member of the Association or their duly authorized representatives and brokers and divided the committee into 4 panels each of 3 persons Each panel shall function by rotation for one week and two members of the panel shall form the quorum In the absence the quorum, the member of the panel present or the Secretary shall include one of the other members of the Daily Rates committee to from the quorum.

The panel of the Daily Rates committee shall meet daily for the purpose of fixing and notifying the daily opening highest, lowest and closing futures rates for each delivery of the hedge contract for every trading day on the basis of the registers maintained by the quotation no affections or widely divergent rates in the trading ring of the association with a view to check manipulation of the clearing rate subject to a right of appeal to the board as contain ed in the clause (d) below,

The panel of the Daily Rates Committee shall also fix the spot rates for the basis and of her tender able varieties in respect of the hedge contract on every trading day after obtaining spot rates of actual transaction from a list of not less than six reputed ready dealers maintained for this purpose.

The rates fixed and registered as afore said shal l be binding on all ties entering into hedge contract under the bye-laws of the chamber subject how ever to righ to fappeal to the Board Such appeal shall be lodged with the secretary before 1p,m, on the working day following the day on which the rates appealed against is so fixed and shall be accompanied by an appeal fee of Rs.20/-The appeal fee may however be increased or decreased by the Board from time to time so as not exceed Rs.50/-All appeal fees payable under this byelaws shall be refunded to the appellant

No objection against any rates o fixed shall lie on the ground that any or all

Members of the Board or any committee e were themselves interested in the hedge contract for which such rate was fixed.