Horti-Business Management (2+0)

Growth and Development of Regulated Markets

• The first attempt at regulation of markets in India dates back to 1897, when the Berar Cotton and Grain Markets Law was passed to purge marketing of many of its abuses. Subsequent market Acts wherever passed have virtually been based on the principles embodied in it.
  
• Its main salient features were:
1. All the markets as existed on the date of enforcement of the law came under its fold.
2. The Resident could declare any additional markets or bazars for the sale of agricultural produce.
3. The Commissioner was to appoint from among the list of eligible persons, a committee ordinarily of five members, two representing the municipal authority concerned and the remaining three from amongst the Cotton Traders-for enforcing the law.
4. Trade allowances or Customs in usage were abolished.
5. Unauthorised markets and bazars were banned within 5 miles of the notified market or bazaar.
6. Market functionaries were required to take licences.
7. Rules were framed for the levy and collection of fees, the licensing of brokers and weighmen and also for the checking of weights and measures.
8. The Act was applicable not only to the grain markets but also to the Cotton markets.
9. Penalties for breach of certain provisions of the law were laid down