law: Securities Contracts (Regulation) Act, 1956
  13.Contracts in
  
  notified areas illegal in certain circumstances.-
  If the Central
  
  Government is satisfied, having regard to the nature or the volume of
  
  transactions in securities in any State or area, that is necessary so to do, it
  
  may, by notification in the Official Gazette, declare this section to apply to
  
  such State or area, and thereupon every contract in such State or area which is
  
  entered into after the date of the notification otherwise than between members
  
  of a recognised stock exchange in such State or area or though or with such
  
  member shall be illegal.