(1) The Government may,-
(a) classify registered trade organisations into various classes according to their status in terms of membership subscription rates incorporated in the Articles of Association, importance or standing in the context of the relative position of the trade, commerce or industry concerned in the national economy of the country;
(b) by an order notified in the official Gazette, grant recognition to any such trade organisation; and
(c) accord such privileges to the trade organisations so recognised as it thinks fit keeping in view their relative importance in the national economy.]
(2) A trade organisation recognised under sub-section (1) shall be entitled, according as the Government may direct, to-
(a) all the privileges accorded generally to trade organisations so recognised; or
(b) all the privileges accorded to the trade organisations of the class to which it belongs; or
(c) to such other privileges as may be accorded to it by the order granting recognition.
(3) The Government shall publish in the official Gazette the names of the trade organisations recognised under sub-section (1).