The following booklet titled “Forward Trading in Shares” was published on April 5, 1996, and was authored by M.R. Mayya. The text begins with a brief of the history of forward sharing in India. After a ban in 1969, forward sharing was once again permitted by the government in 1983 and was akin to trading in “contracts for the clearing.” However, in 1993 the ban was once again resorted by SEBI. In light of this, the author describes the performance of contracts in specified shares and the process that led to the emergence of contango or (Vyaj Badla) or backwardation (mal badla). A rise in share price characterizes vyaj Badla, and mal badla is characterized by a fall in share price. Moreover, the author also describes the modus operandi of Vyaj Badla and Mal Badla and the benefits of carrying forward transactions such as more liquidity, moderation of extreme movements of prices, etc. Concerning the positive facets of carrying forward transactions, SEBI in 1995 appointed the Patel commission to review the system of carry forward transactions in the stock exchanges. After reviewing the commission report, SEBI introduced a revised carry forward system by accepting all the recommendations put forward, except with regard to two points – Broker wise outstanding position and margins. The author describes the nature of these problems along with the 90 days stipulation argument proposed by SEBI. The author appreciates and applauds the resumption of forward trading by SEBI in 1995 and argues that such a system will prove beneficial for economic growth.