The relevant authority may, by notification,--
         (a) designate any bilateral agreement or contract or transaction, or type of contract regulated by it, as qualified financial contract:
     Provided that the contract, so designated under this clause, shall not include any contract,--
             (i) entered into between such parties and on such terms as the Central Government may, by notification, specify; or
             (ii) entered into on multilateral basis in accordance with the provisions of the Securities Contracts (Regulation) Act, 1956 (42 of 1956) and the Payment and Settlement Systems Act, 2007 (51 of 2007);
         (b) specify any entity regulated by it, as a qualified financial market participant to deal in qualified financial contracts.