(1) On and after the date specified by the Metropolitan Commissioner, by notification in the Official Gazette (hereinafter referred to as "the appointed date"), no person shall carry on the specified trade in any place in the market area, other than in the market yard or sub-market yard, and except under and in accordance with the conditions of a licence granted in that behalf under this Act.
(2) Save as otherwise permitted by the Metropolitan Authority, no local authority, having jurisdiction in the market area, shall, on and after the appointed date, notwithstanding anything contained in any law for the time being in force, establish, authorise or continue or allow to be established, authorised or continued any place in the market area as a market or a place to carry on the specified trade and any permission or licence already granted by it shall stand cancelled on the appointed date.
Upon such cancellation of any permission or licence, the holder of such permission or licence shall not be entitled to claim and receive any compensation, but shall be entitled to claim and receive such amount towards refund of the fees paid by him as is proportional to the unexpired period of such permission or licence.